Gibson nearing bankruptcy?
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Really depressing news....
Gibson, Iconic Guitar Company, Said to Be Nearing Bankruptcy
Gibson Brands Inc., one of the two most iconic guitar companies in music history, is facing bankruptcy after years of challenges, according to a report in the Nashville Post and other sources.
The Post reports that the company, which has annual revenues of more than $1 billion, is less than six months away from $375 million of senior secured notes reaching maturity; another $145 million in bank loans will be due immediately if those notes, issued in 2013, are not refinanced by July 23. The company’s chief financial officer, Bill Lawrence, recently departed after just six month in the role; the company also moved out of its Nashville offices, from which it had operated since moving to the city from Kalamazoo, Michigan in the 1980s.
http://variety.com/2018/biz/news/gibson-iconic-guitar-company-said-to-be...
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Top of Page Bottom of Page PermalinkFull Name: VivalaSchwa
Probably Obama's fault.
Probably Obama's fault.
Top of Page Bottom of Page PermalinkFull Name: Ausonius
Probably not, but thanks for
Probably not, but thanks for your input.
Top of Page Bottom of Page PermalinkFull Name: Ken D.
Curse of Jimmy Page.
Curse of Jimmy Page.
Top of Page Bottom of Page PermalinkFull Name: VivalaSchwa
Sorry, Thom. It's a reflex
Sorry, Thom. It's a reflex when I see you started a thread.
Top of Page Bottom of Page PermalinkFull Name: Franklin Page
Not sure why this is sad.
Not sure why this is sad. Company's been poorly run for quite a while and all of their glory is in the past. It's not like all Gibson guitars will vanish from the earth, or that Gibson will even go away. File chapter 11, move on, you know, kinda like Trump
Top of Page Bottom of Page PermalinkFull Name: Painted Mandolin
This has been hovering over
This has been hovering over them for more than 2 decades - ever since that Dipshit Henry Juszkiewicz took over.
http://gawker.com/gibson-guitar-ceo-gets-enraged-if-someone-asks-for-a-d...
I once had dinner with him at a private event for Gibson, OAI (Original Acoustic Instruments) dealers during NAMM back in 2004.
Those at the dinner included Stan Jay (of the now defunct Mandolin Bros in Staten Island), Stan Werbin of Elderly Instruments in MI and the principles of a half dozen other notable musical instrument dealers.
I was the sole, low-paid sales clerk at this gathering and I'd gone to buy guitars for the store I worked for in Berkeley, CA.
Everyone else was a vip so I played fly on the wall.
At some point I got to point out to the gathering what they'd been ignoring in their collective fear about China and companies like Eastman stealing their lunch money.
I let them know there were dozens of independent luthiers making much better instruments then what Gibson was releasing at much more reasonable asking prices.
They kinda knew it but were all focused on Eastman, Saga and other importers and the threat they posed to Gibson and failed to see other challenges to their dominance.
I also got to tell this joke to Henry in front of the gathering:
Q: What's the best kind of pick-up to put on a Gibson Banjo.
A: An F-150.
Top of Page Bottom of Page PermalinkFull Name: Old Fart Message Board
Geez, that’s very sad. Hard
Geez, that’s very sad. Hard to imagine the world of guitars without Gibson in it
Top of Page Bottom of Page PermalinkFull Name: Back to Back
I doubt the brand will
I doubt the brand will disappear even if they file for bankruptcy. Probably will get snapped up for cheap by a VC or Chinese investors or something
Top of Page Bottom of Page PermalinkFull Name: Old Fart Message Board
^True.
^True. Hopefully hey don’t have to shut down the factory in Tennessee.
Top of Page Bottom of Page PermalinkFull Name: Ausonius
"Sorry, Thom. It's a reflex
"Sorry, Thom. It's a reflex when I see you started a thread."
Okay, but let's work on that.
Yea, I doubt that the brand will disappear any time soon but it is a shame that a once great American company is on it's last legs. It's also interesting to hear how the market has crashed for younger players, a sign of the type of music that's popular these days.