Guitar Center Goes Bankrupt
Todd Simpson
Nov 7 2020, 10:44 PM
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Yup. Guitar center has filed for bankruptcy. It's been a long time in coming. Then covid hit and people slowed down on going shopping a bit and bam. Many businesses are not going to make it through this tough time. Roughly 40 percent of all mom and pop restaurants are predicted to close by end of the year, for example. Guitar Center has been in rough water for quite some time and it's now really circling the drain. They are getting a LOT of competition from places like MUSICIANSFRIEND.com and other sites. Even amazon.com is beating them quite badly as all of the major vendors now sell through amazon as well as having their own web sites. Guitar center does have a web site, but it's AWFUL and it's been awful since day one. The other music store sites are just way better in terms of the shopping experience and in terms of moving the consumer through to a purchase. This was bound to happen at some point. I think it just got sped up by current events.

Who will miss guitar center? Anybody? Or has it become irrelevant?


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This post has been edited by Todd Simpson: Nov 10 2020, 01:37 PM
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klasaine
Nov 9 2020, 04:05 PM
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Mertay
Nov 9 2020, 04:35 PM
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Sad but yeah it was expected for a long time.

Too bad this happened during the covid period, maybe some stores could have been sold to private owners.

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klasaine
Nov 9 2020, 05:14 PM
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Most likely, the original shop in Hollywood will be kept or sold to another music retailer. GC started as one little shop (that sold home organs) and will probably end the same way. The more things change, the more they stay the same.

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Darius Wave
Nov 10 2020, 11:17 AM
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I was never much into details of GC situation but as a general market observator, I was not able to not notice they were mentioned to have problems for past few years. I was getting some information on possible GC enclosement, before covid was introduced...

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Gabriel Leopardi
Nov 10 2020, 01:40 PM
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I've read somewhere that they go bankrupt, but then the brand would re-open (next year). I suppose that with new owners or anything like that.. is this possible?

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Todd Simpson
Nov 10 2020, 01:41 PM
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The online retailers were eating most of the guitar center business for many years and then GC restructured once already and reduced bonuses paid to employees. This was evidently a big hit to moral. Then covid hit. Wads of businesses that rely on foot traffic were hit hard. Then there is the fact sites like reverb.com have a much lower operating cost and much wider selection. So the writing has been on the wall for a while. As ken says, the more things change the more they stay the same. We will still have guitar shops imho, the age of the "big box retail" guitar type of store seems to have had it's day. Still, GC could still come out of this. It's demise has been predicted before.

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klasaine
Nov 10 2020, 04:51 PM
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QUOTE (Gabriel Leopardi @ Nov 10 2020, 05:40 AM) *
I've read somewhere that they go bankrupt, but then the brand would re-open (next year). I suppose that with new owners or anything like that.. is this possible?


It is possible ... https://www.bloomberg.com/news/articles/202...-taking-control

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AK Rich
Nov 12 2020, 12:13 AM
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I am with Ken on this one. Good riddance! We all know GC is crap. They were a threat to all the great local music stores we have here when they opened a new store in Anchorage, which was kind of baffling because the word was already out that they were in trouble and likely to file for bankruptcy for some time before they showed up here. All of they employees and owners at the local shops are breathing a sign of relief. The quality of service that you get from many of these shops far exceeded GC, any day of the week and I am very happy that they will continue to operate and provide a great service to the musicians here.

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This post has been edited by AK Rich: Nov 12 2020, 12:15 AM
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Todd Simpson
Nov 14 2020, 05:08 AM
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I hope guitar shops don't end up going the way of record shops and just go away. I'm sure many folks think that will never happen for a variety of reasons. Sadly, many folks said the same about record stores and had a variety of reasons. Retail shops of all kinds have been crushed this year. It's going to be a hard winter for all retail. I really hope we still have music stores as we greet 2021.

QUOTE (AK Rich @ Nov 11 2020, 07:13 PM) *
I am with Ken on this one. Good riddance! We all know GC is crap. They were a threat to all the great local music stores we have here when they opened a new store in Anchorage, which was kind of baffling because the word was already out that they were in trouble and likely to file for bankruptcy for some time before they showed up here. All of they employees and owners at the local shops are breathing a sign of relief. The quality of service that you get from many of these shops far exceeded GC, any day of the week and I am very happy that they will continue to operate and provide a great service to the musicians here.

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