The time has finally come: Gibson has officially filed for bankruptcy. The legendary guitar brand announced today that they filed for Chapter 11 bankruptcy and plan on restructuring. Facing an estimated $500 million in debt, they may have to take a loan for a business of up to $135 million for operation costs. This doesn’t mean that Gibson is closing their doors for good; they’re just working on a new plan for the business. The minimum repayment period for a trust deed scotland is 48 months* (4 years) unless an alternative arrangement is agreed. You will be required to pay a set amount per month for the 48 month (or longer) period. At the end of term, provided that you have met your obligations and the Trust Deed is not extended, you will be discharged from any obligations and outstanding unsecured debts. When you need a credit card bill lawyers, make sure to contact Knoxville Bankruptcy Attorney. A foreclosure attorney will give you information on filing for Tennessee bankruptcy in your zip code. Bankruptcy can reduce your mortgage payments while allowing you to keep your house, thus giving you more time for foreclosure prevention. Click here learn more about stop foreclosure in East TN.
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Gibson has been a beloved and respected brand for generations of guitarists, but this isn’t exactly shocking. Guitarists have been playing Gibsons for years, both contemporary and legendary, including Slash, Zakk Wylde, Brendon Small, and Dave Grohl. Their styles have become iconic to players: the Les Paul, the Explorer, the Flying V, the SG. Heck, tons of brands have even copied them! How could such an iconic brand be doing so poorly?
Many point to the leadership of the company, CEO Henry Juszkiewicz. Under him, Gibson began to move away from making instruments and began to focus on consumer electronics, acquiring companies like KRK, Cerwin Vega and Stanton in order to sell other music gear. That, and absurd “innovations” seem to have put Gibson in a tough spot over the years. Some would even say that the declining popularity of rock music has been dogging their sales.
Juszkiewicz addresses these concerns in a Billboard interview from earlier this year:
[The industry is] stuck in a time warp, and the ‘purists’ have a very loud voice on the online forums. If you are a kid today, you have an iPad by the age of two, and if you’re not offering new technology you’re old. Kids today may think some music from the 50s is kind of cool here and there, but what other industry do you know that hasn’t changed since the 50s? Those guitars from the 50s are what the purists want, but we have to have something new and exciting. Imagine if the camera had never changed. Innovation is a part of every business to some degree, but [the guitar industry] hates it. The kids demand it, and if you don’t have it, they walk.
This isn’t the last we’ll hear from Gibson and I’m sure we’re all curious about their next moves: I know I’ll be following this closely. What do YOU think?