(KDKA/CNN) -- 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.
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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.
This is an important and positive step in our process to significantly reduce our debt and enhance our ability to reinvest in our business to support long-term growth, Guitar Center CEO Ron Japinga said in a statement.
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The company will continue to stay in business during the bankruptcy process. But it may not be able to capitalize on the holiday shopping boom. More than a quarter of Americans — 28% — say they will spend less on holiday gifts this year compared to last year, Gallup said in a new poll, marking the highest percentage Gallup has recorded in this category since 2012.
We will continue to serve our customers and deliver on our mission of putting more music in the world, Japinga said. He added that the company expects to complete the process by the end of the year.
(TM and © Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. CNN contributed to this report.)No matter your musical style or preference, we can help you explore your passion for music at Guitar Center Pittsburgh. It’s not just about wanting to play music; it’s about finding the right instrument, equipment and accessories to truly help bring your dream to life. From picking out your first guitar to finding the right lighting or sound equipment for your next live gig, we’re here to help you make the music you want to. There’s something for every music lover at Guitar Center Pittsburgh. Let us help you find exactly what you need to get the show going.
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Guitar Center Pittsburgh caters to the needs of all musicians. Our local music store carries top brands, such as Fender®, Taylor, Shure, Zildjian, Pioneer DJ, Gibson, Alesis, DW, Yamaha and more. Whether you’re looking for the perfect guitar to shred on, want a new drum set, or are ready to kick up the sound with a louder amp, with our wide selection of new, used and vintage instruments, any artist can find exactly what they need to start their next musical journey.
After you’ve got your instrument, you can kick things up a notch with the right add-ons and accessories. If you’re ready to record your demo, our Pittsburgh music shop sells professional recording equipment, including mixers, software and microphones. For anyone needing gear for a live show, our live sound department includes PA systems, loudspeakers, PA monitors, subwoofers, headphones and more. Stop by Guitar Center Pittsburgh today to experience and hear our products first-hand.
Our local music shop in Pittsburgh offers a variety of services to help musicians achieve their goals when it comes to making music. Learn how to play an instrument with expert lessons, available for all ages and skill levels. Our instructors teach guitar, bass, piano, drums and more. Learning to play is just the beginning. We also provide repairs, maintenance and modification services to ensure that your instrument stays in peak playing condition. Ready to play a show or record a song? Guitar Center Pittsburgh has an assortment of high-quality live sound gear and instruments available for rent for when you’re traveling, have an upcoming show or are working on a new project. Contact Guitar Center Pittsburgh to learn more about our repair and maintenance services, to schedule your first lesson, or get the gear rentals you need.
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From playing music at home or rocking out with friends to playing your first live show, we have everything you need to keep the music going. At Guitar Center Pittsburgh, we love music just as much as you do and want you to find the musical instruments, equipment and accessories you need to pursue your passions. Browse our music store inventory online or stop by Guitar Center Pittsburgh to explore how we can help you with your next project.
Guitar Center Pittsburgh caters to the needs of all musicians. Our local music store carries top brands, such as Fender®, Taylor, Shure, Zildjian, Pioneer DJ, Gibson, Alesis, DW, Yamaha and more. Whether you’re looking for the perfect guitar to shred on, want a new drum set, or are ready to kick up the sound with a louder amp, with our wide selection of new, used and vintage instruments, any artist can find exactly what they need to start their next musical journey.
After you’ve got your instrument, you can kick things up a notch with the right add-ons and accessories. If you’re ready to record your demo, our Pittsburgh music shop sells professional recording equipment, including mixers, software and microphones. For anyone needing gear for a live show, our live sound department includes PA systems, loudspeakers, PA monitors, subwoofers, headphones and more. Stop by Guitar Center Pittsburgh today to experience and hear our products first-hand.
Our local music shop in Pittsburgh offers a variety of services to help musicians achieve their goals when it comes to making music. Learn how to play an instrument with expert lessons, available for all ages and skill levels. Our instructors teach guitar, bass, piano, drums and more. Learning to play is just the beginning. We also provide repairs, maintenance and modification services to ensure that your instrument stays in peak playing condition. Ready to play a show or record a song? Guitar Center Pittsburgh has an assortment of high-quality live sound gear and instruments available for rent for when you’re traveling, have an upcoming show or are working on a new project. Contact Guitar Center Pittsburgh to learn more about our repair and maintenance services, to schedule your first lesson, or get the gear rentals you need.
Sounds Upstairs: Jay Arms, Solo Guitar
From playing music at home or rocking out with friends to playing your first live show, we have everything you need to keep the music going. At Guitar Center Pittsburgh, we love music just as much as you do and want you to find the musical instruments, equipment and accessories you need to pursue your passions. Browse our music store inventory online or stop by Guitar Center Pittsburgh to explore how we can help you with your next project.
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