Gibson guitars files for bankruptcy — but is already planning a comeback
Gibson guitars may soon strum its final chord. The iconic musical instrument brand filed for bankruptcy protection with $500 million in debt, Bloomberg reported Tuesday.
But there's still hope for a comeback tour. Gibson's bankruptcy filing came with a turnaround plan, which gives equity to lenders who help repay the company's bank loans, per NPR.
B.B. King, Elvis Presley, and dozens of other iconic musicians have played on Gibson guitars, says Variety, but buyers aren't getting down with the company's newer models. Bloomberg linked Gibson's decline to its acquisition of Gibson Innovations in 2014. It'll phase out that part of the company, which makes Phillips-brand electronic accessories, per USA Today.
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Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
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