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My oh my. GC the largest retailer of guitars has taken the plunge. Sad.
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11-22-2020 11:48 AM
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My daughter works for GC, and they say nothing will change, and they will continue to pay creditors. We shall see.
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Duplicate of this thread:
Guitar Center to File for Bankruptcy
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Another article from CNN Biz.
Guitar Center is filing for Chapter 11 bankruptcy - CNN
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sgosnell,
I hope that your daughter is correct. I'd hate to see Guitar Center gone.
GT
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... while Fender says guitar and instrument sales are booming (and through GC as well)...
Fender sales boom as guitar playing surges during the pandemic
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Many of GC's stores are in malls. Mall traffic is way down with covid.
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Interesting. I've never seen a GC in a mall, have always seen free standing stores.
And retail dying? Yeah, they call it retailmageddon or something like that, and it didn't start with COVID.
It's an internet thing. The most disruptive technology in history?
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Originally Posted by sgosnell
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Originally Posted by Jim Soloway
The sales floor would sell tons of low end budget offerings with prestige names, and 3 months later they'd show up in the repair shop with collapsed tops, split sides, warped necks and worse. And getting Taylor, Martin and Gibson to be accountable? Heh, you could tell they'd already written off GC as a lost cause. Their "generous 30 day return policy" was great, but things that were returned were never returned to the floor to be profitable. We had stuff hanging on the walls in the repair shop in limbo between "marked for clearance" and "see if you can send this back to the factory" (no).
Funny thing, the guys and gals working the sales floor really believed things were better than ever. They didn't see the fallout and because of the cut throat commissions system, they didn't WANT to know that the guitar they just sold wouldn't last a year in New England.
Self perpetuating system of cash over quality. Could this be part of the reason they're in trouble to begin with?
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I've never seen a GC in a mall. There are many GC stores in the Houston area, all in standalone stores. In strip malls, alongside other stores yes, but not in the big malls. Same in New Orleans. Perhaps it's different elsewhere.
Jim, you're certainly correct, the purpose of bankruptcy is to shed debt. Logically that should be debt to investment firms, and suppliers should still be paid for product. Logic may not rule, however, and it would not be the first time a corporation has used bromides to calm the workforce. FWIW, my daughter is seeking other employment.
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