Posted on 05/01/2018 6:58:11 AM PDT by rktman
Storied guitar maker Gibson Brands Inc. filed for bankruptcy protection Tuesday as the company has struggled with its debt load after a series of acquisitions.
The company, which filed for chapter 11 in U.S. Bankruptcy Court in Delaware, said it will continue to operate during the proceedings as it focuses on reorganizing around its core businesses. Gibson plans to wind down its Gibson’s Innovations business, which is largely outside of the U.S.
The Nashville-based maker of Gibson Les Paul guitars has been struggling with debt it took on to finance acquisitions of home-entertainment and audio-equipment makers years ago. Among businesses the company has added are some of Royal Phillips’s home-entertainment systems, TEAC and Onkyo stereos.
Gibson said it has reached an agreement with holders of more than 69% of its senior secured notes due in 2018 and shareholders that lets it continue to operate. The company also said existing noteholders have committed to provide $135 million in debtor-in-possession financing.
(Excerpt) Read more at marketwatch.com ...
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Got too greedy!
The best need not do the crap they’ve been doing lately.
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Should have been yesterday. LOL! There still there. Guitar Center has a bunch as do Musicians Friend, Bizarre Guitar, and probably a bunch of little music stores/pawn shops. And, I don’t think they’re shuttering the plant yet.
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>> “ It just sits in his closet now.” <<
Hopefully with the strings slack...
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I agree neither Gibson nor Fender have kept up.
Still, very sad news.
I have a number of Gibson’s: 1978 ES335 and SG Standard, a 1996 Firebird 5, and a 2001 Explorer.
I also have an 82 Strat post-CBS (four-bolt) with the Lace Sensor pickups.
Both my sons play, but they prefer Ibanez guitars to Gibson or Fender. One (20-year old) plays a Gem Series and the other (17-year old) plays a 7-string Universe series (both of these are excellent guitars).
Personally I love Gibson guitars as their quality is/was exceptional. The SG I bought and played while in high school, the 335 I played while in college and beyond. I currently favor the Firebird.
As for Fender I have owned (and sold) many Strats over the years and have always found their quality a little spotty when compared to Gibson’s.
This is primarily due to Leo Fenders innovative thinking on how to mass produce the guitar in assemblies rather than treating each guitar as an individual. (Make necks, make bodies, make electronic assemblies and screw them together for a finished guitar.)
However In my opinion neither Gibson nor Fender have done enough to keep up with playing trends and guitar innovations.
Because of this they have yielded market share with the younger players who want 7-string, baritone, or lock-down bridges and tremolo systems, and as a consequence there are now excellent competing brands.
My kids love my guitars but I feel they see them as rather dated and not suitable to their style of music.
Hopefully Gibson will come out of this in a better position.
Silvertone. Sounds like a Sears, Roebuck brand from the early ‘60’s.
Also, If anyone wants a good laugh, my first guitar was a Rockster. I think it was one or two hundred bucks when I was a wee teen. I can’t even find pictures of one.
It was. Got one when we came back from the UK in ‘63. Had a seperate head which stored in the speaker cab which had two 12” speakers. I worked for my needs at the time. I graduated up.
They are pretty and pretty heavy.
I paid $300 for it including a Peavy backstage 30 in 1975. It worked out to be a pretty good investment.
No, you're not. It's one of many ways, great and small, that Barackula the Kenyan Destroyer sought to break America.
Awesome guitar. Look all original, even down to the tulip knob tuners and TP-6 adjustable tailpiece. Give me a shout if you ever want to sell that 335-S.
Early college when I was playing six nights a week, getting home at 3:30, ready for 8 AM classes (?), I played a ’68 Hofner that I bought in Spain. Hofner did a license to a company in Spain to produce them. Bought it new for $85!
Played it all through high school and college. Had it leaning up against a wall, mildly leaned on it and then neck separated from the body. Horse-glue was used back then. Never got it back to playable condition again so it’s now a wall hanger of memories.
During the same period, I also used a ’62 USA Fender Precision bass. Heavy as a rock but I could show off on it. At one point, stripped the original “Coral”, very rare, color off it and varnished the wood. Very rare color but what did I know at that point. Sold it a few years later for $95.
www.doublenecksg.com/images/star-page/ace1.jpg
As noted, don't hit on it...
Indeed.
Thanks Blue, I’m afraid I will be taking it with me to the “Crossroads” LOL. Missing a couple of the tulip adjusters, very hard to get replacements. Some available won’t fit. (thread size). That picture was taken at a Cancer “Relay for Life” event in Utica, NY on my 70th birthday. What did Mick Jagger say about doing this after 40? :>)
Awesome play it in good health! Not sure what Jagger said but if they are still doing it over 70+ then more power to them and you as well!
Thanks Blue
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