Guitar Center filed for Chapter 11 bankruptcy on Saturday, with CEO Ron Japinga saying this is "an important and positive step in our process to significantly reduce our debt."
Based in California, Guitar Center opened in 1959, and is the largest musical instrument store in the U.S. The company, which has more than 13,000 employees, said it will keep all 510 of its stores open through the holidays.
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Several major retailers have filed for bankruptcy protection amid the pandemic, including Neiman Marcus, Hertz, and J.C. Penney.
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