US News Guitar Center files for bankruptcy

tom_mai78101

The Helper Connoisseur / Ex-MineCraft Host
Staff member
New York (CNN Business)Guitar Center is filing for Chapter 11 bankruptcy, the latest company to go bankrupt during the pandemic that has decimated America's retail sector.

The 61-year-old company -- the biggest musical instrument retailer in the United States -- had tried to stay afloat during the coronavirus pandemic by offering virtual music lessons. But Guitar Center was forced to close many of its stores in March during nationwide lockdowns, and it struggled to get customers to buy instruments as the economy headed south.

Guitar Center has 269 locations, many of which are in malls that had been struggling long before Covid-19. Foot traffic in malls has plummeted, and stores like Guitar Center that are dependent on people making discretionary purchases have been among the worst-hit this year.

The company said in its bankruptcy filing that it received up to $165 million in new equity investments and lenders agreed to reduce the company's debt by nearly $800 million.

The company's primary owner, Ares Management Corporation, as well as new equity investor Brigade Capital Management and a fund managed by The Carlyle Group will help finance Guitar Center through bankruptcy.

Read more here (CNN)
 
General chit-chat
Help Users
  • No one is chatting at the moment.
  • C Cherry.Grove:
    My one game was basically Among Us but you sabotaged an entire medieval city simulated drastically inefficiently with dynamic NPCs :S
  • C Cherry.Grove:
    of course I never finished it x D
  • jonas jonas:
    xD
  • jonas jonas:
    I think you can still run the original game, just there's a chance your map won't work with the newer patches
  • jonas jonas:
    what development framework have you been looking at for mobile development?
  • jonas jonas:
    I'm currently creating (as a hobby) a space invaders like game for mobile using Xamarin, after starting a few larger projects that I also may not have finished :rolleyes::p
  • The Helper The Helper:
    Awesome! you should look at the Atari VCS platform it does not have a huge user base but the one it has is super active at around 11k and they have no games in there store
  • The Helper The Helper:
    basically it is linux
  • The Helper The Helper:
    OMG it is BanLord as Blackveiled on the forum
  • The Helper The Helper:
    what is up buddy
  • jonas jonas:
    thanks for the tip, that sounds cool. Never heard about the VCS before but seems like it should be a good match
  • tom_mai78101 tom_mai78101:
    The winter vacation left a toll on me. I missed staying up late and sleeping in late.
  • C Cherry.Grove:
    i haven't looked into it yet
  • C Cherry.Grove:
    If I could use something Python compatible it would save me some learning
  • C Cherry.Grove:
    But Unity might be easiest
  • C Cherry.Grove:
    looking at old posts here makes me happy. Makes me be all like "wow I was pretty smart in 2009"
  • C Cherry.Grove:
    mostly failing at life through adulthood really demotivated me for a while
  • C Cherry.Grove:
    ....what I don't get is why the fuck they would force us to permanently convert to a version of the game everyone fucking hated : \
  • C Cherry.Grove:
    Raid Shadow Legends texture pack smh
  • jonas jonas:
    Most people fail at life throughout their adulthood. Sometimes we get to learn from it. Usually it just feels like crap.
    +1
  • The Helper The Helper:
    What does not kill you makes you stronger is what they say
  • C Cherry.Grove:
    for real! :cool:
  • Varine Varine:
    Are we still on the topic of failing? I failed lots!
  • jonas jonas:
    If you ever want to talk about it we're here. The way I see it, you're still around. That required a few very difficult successes if you ask me:)

    Members online

    No members online now.

    Affiliates

    Hive Workshop NUON Dome
    Top