The Guitar Center has officially filed for bankruptcy for Chapter 11 bankruptcy The New York Times Reports. According to the report, the company on Saturday night (November 21) in the eastern district of Virginia U.S. Bankruptcy applied to the court Times. The Guitar Center will continue to pay employees amid the bankruptcies. Read the full report here.
By the possibility that the Guitar Center could file for bankruptcy Times And Bloomberg last month. The company faced financial strain after the COVID-19 epidemic forced the company to temporarily close most of its physical locations earlier this year. At one point, 75 percent of Guitar Center stores were closed in the U.S.
The Guitar Center “will continue to meet its financial obligations to vendors, suppliers and employees, and intends to make full payments to these parties without interrupting the normal course of business,” said a statement posted on BusinessWire.
“This is an important and positive step in our process of significantly reducing our debt and increasing our ability to reinvest in our business to support long-term growth,” Ron Japinga, CEO of Guitar Center, said in a statement. “Throughout this process, we will continue to serve our customers and deliver on our goal of delivering more music to the world. Supporting the strong level of our lenders and creditors, we expect to complete the process before the end of this year. “Find the full statement here.
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