Gibson Guitars files for Chapter 11
Gibson Guitars sells over 170,000 guitars annually in more than 80 countries and says that it sells over 40 percent of all electric guitars costing more than $2,000. Gibson has been a part of the modern music landscape for decades providing the sound for some of the most iconic songs in modern music history. This week they are in the middle of Chapter 11 restructuring offering equity ownership to their lenders while asking for $135,000,000.00 in loans. This plan, what some might call a last ditch effort hopefully can keep Gibson above the financial water.
Gibson Guitars own all or part of such companies as KRK, Cerwin Vega and Stanton, TEAC, Baldwin, Wurlitzer among others. All of these companies will be affected in some manner.
Gibson Brands, one the fastest-growing companies in the music and sound industries, was founded in 1894 and is headquartered in Nashville, TN. Gibson Brands is a global leader in musical instruments, and consumer and professional audio, and is dedicated to bringing the finest experiences by offering exceptional products with world-recognized brands. Gibson has a portfolio of over 100 well-recognized brand names starting with the number one guitar brand, Gibson. Other brands include: Epiphone, Dobro, Valley Arts, Kramer, Steinberger, Tobias, Slingerland, Maestro, Baldwin, Hamilton, Chickering and Wurlitzer. Audio brands include: KRK Systems, TASCAM, Cerwin-Vega!, Stanton, Integra, TEAC, TASCAM Professional Software, and Esoteric. All Gibson Brands are dedicated to innovation, prestige and improving the quality of life of our customers.