Guitar Center bankruptcy
- Thread starter GCRoberts
- Start date
someguy01
Well-known member
They blew it on the ecommerce front and have been playing catchup to Sweetwater. The pandemic and subsequent drop off in "in-person" customers hurt their cash flow and they missed an interest payment. This is standard fare, but it may be the beginning of the end for the physical GC store. MF now has the GC used listings and it wouldn't take much to move everything there.
It's the commercial real estate world that's gonna take the biggest hit, theres a lot of.closed businesses.
It's the commercial real estate world that's gonna take the biggest hit, theres a lot of.closed businesses.
felonious69
Well-known member
In my personal experience (The ONLY two times), they either don't know how to help a customer or don't care to. GC
YOU HIT THE NAIL ON THE HEAD !! Whats a Musician ?/show me the money !!
felonious69
Well-known member
Word of mouth is a powerful thing.
I have heard a LOT of negative here and elsewhere regarding GC.
I have heard (and posted) a LOT of positive...AMAZINGLY POSITIVE here and elsewhere regarding Sweetwater.
There is really nothing that I can't wait two days for, so for me, Sweetwater is it.
We have a GC here, but I can wait.
I have heard a LOT of negative here and elsewhere regarding GC.
I have heard (and posted) a LOT of positive...AMAZINGLY POSITIVE here and elsewhere regarding Sweetwater.
There is really nothing that I can't wait two days for, so for me, Sweetwater is it.
We have a GC here, but I can wait.
dboomer
Senior Member
Which basically means they are screwing over their manufacturer suppliers and defaulting paying them.
felonious69
Well-known member
AGAIN...rumor has it.
Darth Vater
Senior Member
I wouldn't shed a tear if they went south. The one near me is pretty awful. I have good relationships with some online retailers that aren't big box stores and enjoy the personalized service I get from them. It helps that I live a couple blocks from DFD too. 
felonious69
Well-known member
It's just us regular folks who always have to lose everything when unfortunate events occur.
I’m actually kind of surprised. I had understood that sales had actually substantially increased since the stores reopened. I guess it wasn’t enough to offset that initial hit.
That being said, my local GC has exceptional customer service, and I have personal relationships with several of the staff there. Several employees have been there for more than 10 years, and some worked at the small local shops before their demise.
I order from Sweetwater on occasion, and could even make a 2-3 hour drive to their physical location if I chose. However, I’d still feel for those who are losing their job, and as limited as GC was, its the last place in my metropolitan area with any legitimate inventory.
That being said, my local GC has exceptional customer service, and I have personal relationships with several of the staff there. Several employees have been there for more than 10 years, and some worked at the small local shops before their demise.
I order from Sweetwater on occasion, and could even make a 2-3 hour drive to their physical location if I chose. However, I’d still feel for those who are losing their job, and as limited as GC was, its the last place in my metropolitan area with any legitimate inventory.
Is this saying Musicians Friend is also filing, or MF was reporting for Guitar Center
cbphoto
Gold Member
Musicians Friend is a subsidiary of Guitar Center.
wraub
Well-known member
Guitar Center oversees various subsidiaries including Musician's Friend, Music & Arts, GuitarCenter.com, LMI, Giardinelli, Musician.com, Private Reserve Guitars, Woodwind and Brasswind, and Music 123, and used to own Harmony Central until its April 2015 sale to Gibson.
en.wikipedia.org
They are currently owned by these guys-
en.wikipedia.org
edit- in looking up this info, I found two unrelated news stories about the demise of GC... one from 2018 and one from 2016.
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Guitar Center - Wikipedia
en.wikipedia.org
They are currently owned by these guys-
Ares Management - Wikipedia
en.wikipedia.org
edit- in looking up this info, I found two unrelated news stories about the demise of GC... one from 2018 and one from 2016.
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Ransan
Senior Member
Both my emails from both companies are signed by Mr. Japinga CEO for Guitar Center.
So I take it the same conglomerate owns the respective enterprises.
wildbill
Platinum Member
The GC near me is great.
A couple of pretty knowledgeable guys there (as well as some not so), and I've gotten some really good deals from there.
It's one of the last places left around here to look over and try stuff out in person. It also has a generous (overly so IMO) return policy.
Sales and profits are going gangbusters:
www.forbes.com
2.3 Billion revenue - up 4.5%
#206 - America's largest private companies in 2019
11,000 employees
There are often more complicated background issues involved with restructuring.
I have little doubt that GC will continue to grow.
A couple of pretty knowledgeable guys there (as well as some not so), and I've gotten some really good deals from there.
It's one of the last places left around here to look over and try stuff out in person. It also has a generous (overly so IMO) return policy.
Sales and profits are going gangbusters:
Guitar Center
Guitar Center, Inc. operates a chain of guitars, amplifiers, percussion instruments, pro-audio and recording equipment stores.
www.forbes.com
#206 - America's largest private companies in 2019
11,000 employees
There are often more complicated background issues involved with restructuring.
I have little doubt that GC will continue to grow.
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MrInsanePolack
Platinum Member
It's all Bain Capitol, as well as many many many other businesses.
wildbill
Platinum Member
Several year ago when GC bankruptcy was brought up,
I linked to an article stating that Bain was using GC profits to pay off debts from some of their other companies.
Complicated behind the scenes juggling, I guess.
MrInsanePolack
Platinum Member
I'm not surprised. A major investment firm juggling accounts to protect their investments? Sounds like business as usual to me.