Shiiiiiiit
The company behind the iconic Gibson guitars — whose instruments have been played by Les Paul, B.B. King and Jimmy Page, among many others — filed for Chapter 11 bankruptcy protection in Delaware. The Nashville-based corporation's current properties also include Baldwin Piano, Gibson Pro Audio and Wurlitzer, a company once famous for its organs but whose brand name Gibson now uses only for manufacturing jukeboxes.
As NPR has noted in the past, filing for Chapter 11 protection does not mean that a company is doomed to fail; instead, "it's a way for companies that can't pay their bills to not die."
The petition, filed on Tuesday (May 1), notes that the company currently has up to $500 million in debt, and that it will focus its operations going forward on its musical instruments business, "unburdened by the challenges experienced by [the company's] separate, primarily non-U.S., consumer electronics business." That business includes the brands KRK, Cerwin Vega and Stanton, whose lines include studio monitors, headphones and turntables.
https://www.npr.org/sections/therecord/ ... protection
Gibson files for bankruptcy!
- Grudge
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- Grudge
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Re: Gibson files for bankruptcy!
Word is that they had a poor reputation as a supplier and never cleared their payments on time according to music shop owners.
- Dr. Gonzo
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Re: Gibson files for bankruptcy!
I blame 3D printers and illegal download of copyrights.
- shadowalk
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Re: Gibson files for bankruptcy!
The thing is, every decent guitarist (at least from where I'm from) knows that that if you want to buy a decent Les Paul, it's much more worthwhile to go second hand as you could get an old model that is by far superior to the standard models that Gibson makes today.
- Lavabug
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Re: Gibson files for bankruptcy!
Skinfection wrote:Unpopular opinion: les pauls are overrated
- Grudge
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Re: Gibson files for bankruptcy!
I love my Les Paul LPJ 2013
- User
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Re: Gibson files for bankruptcy!
more metal
- happiness and harmony
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