#GlobalNews: “Gibson guitar makers file for chapter safety – National ” #Toronto #Montreal #Calgary #Ottawa #Canada
NASHVILLE – The maker of the Gibson guitar, omnipresent for many years on the American music stage, is submitting for chapter safety after wrestling for years with debt.
A pre-negotiated reorganization plan filed Tuesday will enable Gibson Brands Inc. to proceed operations with $135 million in financing from lenders.
Gibson guitars have been esteemed by generations of guitar legends. After Chuck Berry died, his beloved cherry-red Gibson guitar was bolted to the within of his coffin lid. David Bowie favoured the 1989 Gibson L4 when he fronted Tin Machine. Slash swears by them.
“It is one of the most widely recognized brand names on planet Earth,” mentioned George Gruhn of Gruhn Guitars, a world-famous classic instrument retailer.
Gibson, based in 1894 and primarily based in Nashville, Tennessee, has the highest market share in premium guitars. It sells greater than 170,000 guitars a 12 months in additional than 80 international locations, together with greater than 40 per cent of all electrical guitars that price greater than $2,000, in line with a chapter submitting.
The firm has already offered off some noncore manufacturers, acquisitions that contributed to its burdensome debt load. Gibson has begun the liquidation course of for its debt-plagued, struggling worldwide Gibson Innovations division, which sells headphones, audio system, equipment and different electronics.
“The decision to re-focus on our core business, musical instruments, combined with the significant support from our noteholders, we believe will assure the company’s long-term stability and financial health,” Henry Juszkiewicz, Gibson chairman and CEO, mentioned in a information launch.
Gruhn, an skilled on guitars of every kind, mentioned the corporate’s chapter was predictable after it expanded into the house electronics enterprise. But that doesn’t imply the Gibson model will merely go away, Gruhn added.
“The brand name and company’s reputation for making guitars is tarnished, but not dead by any means, and it’s very much capable of being resuscitated.”
WATCH: The invention of a brand new guitar? Understanding the made-in-Canada “Merlin Guitar”
In the palms of musicians from B.B. King to Eric Clapton, Jimmy Page, Duane Allman and Slash, Gibson’s electrical guitars have been a foundational component of blues and rock. King’s signature guitar, “Lucille,” was a Gibson.
Legendary jazz guitar participant Charlie Christian made historical past taking part in a Gibson ES-150 – one of many first ever electrical guitars – by way of an amplifier with the Benny Goodman orchestra. The later big-bodied Gibson jazz guitars have been within the arsenal of many nice gamers since then, similar to Wes Montgomery and Joe Pass.
WATCH: Garth Brooks provides guitar to younger boy battling most cancers
One of the one recognized pictures of iconic Delta blues pioneer Robert Johnson exhibits him with a Gibson L-1 guitar.
And folk-revival of the 1950s and 60s wouldn’t have sounded fairly so mellow with out battalions of steel-string Gibson acoustic guitars among the many Martins and Guilds.
Elvis Presley didn’t begin out with a Gibson however owned and performed lots of them, in line with the web site for Graceland, his Memphis dwelling.
Eric Clapton performed the solo on the Beatles’ “While My Guitar Gently Weeps” on a Gibson guitar he borrowed from George Harrison, in line with GuitarWorld.com. And Jimmy Page, the legendary guitarist for blues rockers Led Zeppelin, was and stays a longtime Gibson loyalist.
“It’s hard to name any guitar players who play electric or steel-string acoustics who don’t own a Gibson,” mentioned Gruhn, the Nashville guitar skilled.
Associated Press author Don Schanche Jr. in Atlanta contributed to this story.
Note: “Previously Published on: 2018-05-01 15:51:32, as ‘Gibson guitar makers file for chapter safety – National