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Thread: Guitar Center

  1. #1
    Registered User Billy Packard's Avatar
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    Default Guitar Center

    I received an email from GC indicating they were going into chapter 11.
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  2. #2
    Be Wild Zach Wilson's Avatar
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    Default Re: Guitar Center

    I found an article online. Sorry its riddled with advertising in between every paragraph. Such is the way of the world now.

    https://www.usatoday.com/story/money/2020/11/14/guitar-center-chapter-11-bankruptcy/6294720002/

  3. #3
    Moderator MikeEdgerton's Avatar
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    Default Re: Guitar Center

    I haven't seen the e-mail yet but in the past few days this article was posted online:

    https://msretailer.com/guitar-center...06_g8abScCsys0

    as well as this one:

    https://msretailer.com/bloomberg-aga...er-bankruptcy/

    and this notice is on their website at the bottom under restructuring:

    https://www.guitarcenter.com/restructuring
    "Bargain instruments are no bargains if you can't play them". These are the words of J. Garber.

  4. #4
    Registered User Eric Platt's Avatar
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    Default Re: Guitar Center

    Mike, thanks for that last link. Hadn't noticed it before. What's strange is I got a cold call from GC this past week hoping I would buy something. Was guessing they were/are trying to push sales to lower inventory before filing Chapter 11.

    Just wonder how many stores they will end up closing? We have four in the Twin Cities metro area at present. All within about 20 miles of each other.
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  5. #5

    Default Re: Guitar Center

    No worries, my prediction is that they will still be around 100 years from now, along with Gibson, General Motors, etc........

  6. #6
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    Default Re: Guitar Center

    So, what's new. They, and Chrysler need to go away.

  7. #7
    Be Wild Zach Wilson's Avatar
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    Default Re: Guitar Center

    Quote Originally Posted by Jeff Hildreth View Post
    So, what's new. They, and Chrysler need to go away.
    Although I don't have any need for GC now, I certainly did when I was a young, aspiring musician and my parents had no idea what and/or where to buy my first guitar. After working at a GC (Tukwila store) for a bit in my 20s I know this isn't just my experience. A lot of new musicians rely upon GC.

    I hope they stay to provide just that service.

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    Default Re: Guitar Center

    Any store that sells instruments that are not set up to play well is not helping a young musician starting out, unless they are helping them to not play music because their instrument plays so hard or out of tune.
    THE WORLD IS A BETTER PLACE JUST FOR YOUR SMILE!

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  11. #9
    Registered User slimt's Avatar
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    Default Re: Guitar Center

    I was in a GC many years ago in Washington state. It was also the last time. No knowledge of anything by the staff. No help. No clue. So not a loss.

  12. #10

    Default Re: Guitar Center

    Not a huge surprise, because of the LBO a few years back (to me leveraged buyouts are an insanity where the bought company assumes the debt for being acquired). GC instantly took on a few billion in debt, right about the time growth had stalled. Now with the last year of reduced economic activity it's no surprise. I have never been a GC hater and bought lots of things from them over the years (I go elsewhere for setups though).

    If they come out with less debt maybe its a good thing. Gotta give them credit for lasting this long.

    And once they get rid of some debt they will be ripe for another LBO...
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  13. #11
    Moderator MikeEdgerton's Avatar
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    Default Re: Guitar Center

    Quote Originally Posted by Jeff Mando View Post
    No worries, my prediction is that they will still be around 100 years from now, along with Gibson, General Motors, etc........
    I agree, I don't think they're automatically gone by any means and I do hate to see people lose their job at a time like this. I've been there.
    "Bargain instruments are no bargains if you can't play them". These are the words of J. Garber.

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    Registered User John Flynn's Avatar
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    Default Re: Guitar Center

    Quote Originally Posted by MikeEdgerton View Post
    I agree, I don't think they're automatically gone by any means and I do hate to see people lose their job at a time like this. I've been there.
    And what will all those 16 year old kids do who shred with the amp on 11 in GC all day long? They'll be out on the streets and may get into trouble!

  16. #13
    Moderator MikeEdgerton's Avatar
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    Default Re: Guitar Center

    I have been rebuilding and modifying electric guitars for my son and myself for the last few weeks. You can buy knobs for Gibson and Fender guitars that look like the normal stock vintage knobs except they go up to 11. I passed but thought it was cute.
    "Bargain instruments are no bargains if you can't play them". These are the words of J. Garber.

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  18. #14
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    Default Re: Guitar Center

    Quote Originally Posted by MikeEdgerton View Post
    I have been rebuilding and modifying electric guitars for my son and myself for the last few weeks. You can buy knobs for Gibson and Fender guitars that look like the normal stock vintage knobs except they go up to 11. I passed but thought it was cute.
    A classic case of taking on too much debt ($1.3B). I have no love for GC but I dont want folks to lose their jobs. Sales were solid during COVID so maybe if the re-negotiate their debt they can come back.

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    Default Re: Guitar Center

    Quote Originally Posted by John Flynn View Post
    And what will all those 16 year old kids do who shred with the amp on 11 in GC all day long? They'll be out on the streets and may get into trouble!
    The is the time to convert them to mandolin players!

  20. #16

    Default Re: Guitar Center

    Quote Originally Posted by Jeff Hildreth View Post
    So, what's new. They, and Chrysler need to go away.
    Chrysler owns Jeep. If GC had a brand as strong it would be better situated financially.

    As for GC, they have been cut off from some of their suppliers and some are no longer willing to sell to them. At this point, once they enter Ch 11 they will have to pay for all new inventory COD. They are going to have to raise some operating cash to do this.

    What they need is a new business model and to consolidate down to one business entity. Unfortunately, that means people are going to lose their jobs.
    There's nothing better than first-hand experience.

  21. #17
    Moderator MikeEdgerton's Avatar
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    Default Re: Guitar Center

    Quote Originally Posted by Mandobar View Post
    Chrysler owns Jeep. If GC had a brand as strong it would be better situated financially.

    As for GC, they have been cut off from some of their suppliers and some are no longer willing to sell to them. At this point, once they enter Ch 11 they will have to pay for all new inventory COD. They are going to have to raise some operating cash to do this.

    What they need is a new business model and to consolidate down to one business entity. Unfortunately, that means people are going to lose their jobs.
    I believe part of the renegotiated debt included an infusion of money from someone.

    There it is:

    The potential filing follows weeks of negotiations between Guitar Center and its creditors, and certain investors are set to provide new capital to the company to help it restructure.
    That would have to end up being true I guess.
    "Bargain instruments are no bargains if you can't play them". These are the words of J. Garber.

  22. #18
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    Default Re: Guitar Center

    GC's problems have been going on since 2007. This will be the 3rd time that investors or a management group has come along and rescued the house of cards.
    The non sequitur has been that they have always continued to open new stores, some of them in places where the market may be too small to pay the bills.
    One would think that sooner or later, they would begin closing locations that aren't making a profit, but so far, this has not yet happened.
    We'll have to wait and see if that changes. I can think of one major manufacturer who will take a significant hit if GC downsizes.

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  24. #19
    Registered User tooloud's Avatar
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    Default Re: Guitar Center

    I got the email from both Guitar Center and Muscian's Friend.
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  25. #20
    Isolated enthusiast Caleb's Avatar
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    Default Re: Guitar Center

    I like GC and wish them well. I’ve been going in there since I was 18 and started playing guitar. Lots of good memories, not just for me but for millions like me. I also don’t go in there expecting or needing knowledge from their staff, though I realize some people do. I’ve helped a few people while browsing in there over the years, and I’ve witnessed a lot of it from others. Most people are generally pretty cool in a guitar shop. It’s kind of hard to be in a bad mood in a toy store.
    “Never laugh at live dragons.” -Bilbo Baggins

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  27. #21
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    Default Re: Guitar Center

    Mixed feelings here. I've bought various stuff, mostly minor but more than one used amp and guitar, from the Totowa NJ store. One or two excellent employees - you could tell who by the over-40 crowd going straight to them, and they generated lots of interesting trade-ins. Then there was similar-size Victors House of Music in Paramus, NJ. Different selection from GC, good staff, lots of artist clinics (got to meet Artie Traum there). The day that THEY suddenly became "just another GC" 8 or 10 years ago, minus the more interesting characters, was definitely a low point.
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  28. #22
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    Default Re: Guitar Center

    Quote Originally Posted by tooloud View Post
    I got the email from both Guitar Center and Muscian's Friend.
    Same company so that makes sense.
    "Bargain instruments are no bargains if you can't play them". These are the words of J. Garber.

  29. #23
    Moderator MikeEdgerton's Avatar
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    Default Re: Guitar Center

    Quote Originally Posted by EdHanrahan View Post
    Mixed feelings here. I've bought various stuff, mostly minor but more than one used amp and guitar, from the Totowa NJ store. One or two excellent employees - you could tell who by the over-40 crowd going straight to them, and they generated lots of interesting trade-ins. Then there was similar-size Victors House of Music in Paramus, NJ. Different selection from GC, good staff, lots of artist clinics (got to meet Artie Traum there). The day that THEY suddenly became "just another GC" 8 or 10 years ago, minus the more interesting characters, was definitely a low point.
    The one in Totowa does seem to have some interesting trade-ins. Much better than East Brunswick or Neptune stores ever seem to have.
    "Bargain instruments are no bargains if you can't play them". These are the words of J. Garber.

  30. #24
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    Default Re: Guitar Center

    GC ran the Brick & Mortar stores, Musician's Friend the warehouse Mail Order/online business .
    Out of Medford Oregon , Rogue river (used as a Brand) flows just north of the city.
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  31. #25
    Barn Cat Mandolins Bob Clark's Avatar
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    Default Re: Guitar Center

    While I much prefer Mom and Pop music stores, I hate to see ANY music store in financial straits. Whenever any music store closes, it's one less location offering the 'musically curious' a place to get their first taste. I believe individuals and society benefits when more people play music regardless of genre or instrument. While they would most likely be better served by a local Mom and Pop, almost any exposure/opportunity is better than none. They might find the local Mom and Pop when they gain experience.

    I just hate to see music stores close. To my mind, music stores equal opportunity, and the benefits of playing music are immeasurable.
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