Debt-Plagued Gibson Guitar Maker Files For Bankruptcy Protection

[webfact]

Debt-Plagued Gibson Guitar Maker Files For Bankruptcy Protection

By Thabo Thusi, Editorial Intern

 

Gibson Guitar CEO Henry Juszkiewicz speaks at the plant in Nashville, Tenn. Photo: Samuel M. Simpkins / Associated Press

 

NASHVILLE — Gibson guitars have been such a fixture in music history that Chuck Berry was laid to rest with his, B.B. King affectionately named his “Lucille,” and Eric Clapton borrowed one from George Harrison to play the solo on the Beatles’ “While My Guitar Gently Weeps.”

 

The maker of the iconic instrument, a constant across generations of American music, filed for bankruptcy protection Tuesday after wrestling for years with debt. The decision came with an assurance from Gibson that it is refocusing on its specialty, musical instruments, and moving away from its debt-plagued push to sell home electronics.

 

Full story: http://www.khaosodenglish.com/life/entertainment/2018/05/02/debt-plagued-gibson-guitar-maker-files-for-bankruptcy-protection/

 

-- © Copyright Khaosod English 2018-05-02

[Emster23]

BBC has much better report. Gibson rose to it's level of incompetence, getting away from core product and trying to plunge into electronics etc, running up $500 million in debt (!?!). Do wonder why when hit $100 million debt they didn't decide "Gee, this isn't working out".

 

[sandrabbit]

go on youtube and search for new gibson's dumped in skips due to delivery damage and brand new guitars being sold with headstock repairs, seems they've had quality control problems for a while.