I heard rumors that Guitar Center is closing. Is this accurate? It seems that the company has major issues and that its finance are messed up.
5 replies (most recent on top)
Almost 200 laid off out of a staff of 600 at corporate office and the number of terminations is still growing. They have a large balloon payment due in April and are making a last ditch effort to free up cash to prevent bankruptcy.
As for them opening new stores, all merchandise will have already been delivered to the new locations before all 3 of them open in April. Caveat vendor.
Guitar Center is not closing. They are under enormous debt and a lot of pressure due to the coming payments they need to make off amount of interest on this debt. They saved themselves about 3 million dollars in payroll by laying off 140 people at the corporate level, not the store level. Mostly Executives, VP's, Field Management and the like. Liquidation could very well come next, however that is something only time will tell. Their new CEO was put there to restructure, and find the quickest solution, and if need be lead them into a smooth bankruptcy. THat does not mean, they are closing store. It just means, it's a possibility in the future, but if that does happen, it will not be for a while.
downloadbesttorrentblog.rus continue. Another high level one today.
That's what private equity firms do to companies. GC is loaded with debt.
Is this true? Who has dates and details about stores closing?