Guitar Center To File For Bankruptcy
GUITAR CENTER PLANS TO FILE FOR CHAPTER 11 BANKRUPTCY PROTECTION
(CNN) – Guitar Center says it’s filing for Chapter 11 bankruptcy protection, but plans to stay in business.
USA Today reports it’s negotiated a deal with investors and lenders to reduce its debt.
The company has about 300 Guitar Center stores and more than 200 music and arts stores.
It’s hiring a real estate firm to optimize that portfolio.
Guitar Centers handles instrument sales, rental, lessons, and repairs.