Your EDM
  • News
  • Featured
    • Editorials
    • Giveaways
    • Aspire To Inspire
    • Interviews
  • Music
    • House
      • Bass House
      • Commercial House
      • Deep House
      • Disco House
      • Dutch House
      • Electro House
      • Future House
      • Indie Dance
      • Nu-Disco
      • Progressive House
      • Tech House
    • Bass Music
      • Drum n Bass
      • Dubstep
      • Future Bass
      • Glitch Hop
      • Hardstyle
      • Moombahton
      • Trap
    • Trance
      • Trouse
      • Uplifting Trance
      • Tech Trance
    • Free Downloads
  • Discord
  • News
  • Featured
    • Editorials
    • Giveaways
    • Aspire To Inspire
    • Interviews
  • Music
    • House
      • Bass House
      • Commercial House
      • Deep House
      • Disco House
      • Dutch House
      • Electro House
      • Future House
      • Indie Dance
      • Nu-Disco
      • Progressive House
      • Tech House
    • Bass Music
      • Drum n Bass
      • Dubstep
      • Future Bass
      • Glitch Hop
      • Hardstyle
      • Moombahton
      • Trap
    • Trance
      • Trouse
      • Uplifting Trance
      • Tech Trance
    • Free Downloads
  • Discord
No Result
View All Result
Your EDM
No Result
View All Result
Home EDM News

Guitar Center Files Bankruptcy, Expects Recovery by End of Year

The company's new restructuring plan will slash its $1.3 billion-dollar debt by approx. $800 million

by Karlie Powell
November 25, 2020
in EDM News
guitar center

Guitar Center has filed for Chapter 11 bankruptcy along with efforts to restructure and refinance the company.

Even before the pandemic happened and the shutdown began, online retailers such as Sweetwater became direct and fierce competitors with Guitar Center. Still, the nation’s largest retailer of music instruments expects to bounce back from bankruptcy by the end of the year. Guitar sales are apparently soaring as more people are finding time to explore musical hobbies — and Black Friday is just around the corner.

According to a report from Billboard, the newly approved restructuring support agreements (RSA) aims to slash Guitar’s Center $1.3 billion-dollar debt by approximately $800 million. Also according to Billboard, that number includes $375 million in Debtor-In-Possession financing and $335 million in new senior secured notes.

Guitar Center CEO Ron Japinga explains via press release:

This is an important and positive step in our process to significantly reduce our debt and enhance our ability to reinvest in our business to support long-term growth. Throughout this process, we will continue to serve our customers and deliver on our mission of putting more music in the world.

Across the US, Guitar Center currently owns 300 flagship stores and 200 Music & Arts stores, which specialize in band and orchestral instruments.

Shop Guitar Center here.

 

Source: Billboard

Tags: bankruptcychapter 11guitar centermusic retailer
Previous Post

Rukes Prints Make The Perfect Holiday Gift For EDM Fans With This Black Friday Sale [Interview]

Next Post

Your EDM Premiere: The Final Chapter of Sound In Noise’s Epic LP ‘Shapes’ Is About to Drop but It’s Only the Beginning [RAM]

Karlie Powell

Karlie Powell

Next Post
Your EDM Premiere: The Final Chapter of Sound In Noise’s Epic LP ‘Shapes’ Is About to Drop but It’s Only the Beginning [RAM]

Your EDM Premiere: The Final Chapter of Sound In Noise's Epic LP 'Shapes' Is About to Drop but It's Only the Beginning [RAM]

No Result
View All Result

Facebook Twitter Instagram Twitch

Our Company

  • Contact Us
  • Join the community

Our Policies

  • Privacy Policy
  • Cookie Policy
  • Terms of Use
© 2020 Your EDM, LLC - All Rights Reserved
No Result
View All Result
  • News
  • Featured
    • Editorials
    • Giveaways
    • Aspire To Inspire
    • Interviews
  • Music
    • House
      • Bass House
      • Commercial House
      • Deep House
      • Disco House
      • Dutch House
      • Electro House
      • Future House
      • Indie Dance
      • Nu-Disco
      • Progressive House
      • Tech House
    • Bass Music
      • Drum n Bass
      • Dubstep
      • Future Bass
      • Glitch Hop
      • Hardstyle
      • Moombahton
      • Trap
    • Trance
      • Trouse
      • Uplifting Trance
      • Tech Trance
    • Free Downloads
  • Discord

© 2020 Your EDM, LLC - All Rights Reserved