{"id":118085,"date":"2020-11-23T03:11:00","date_gmt":"2020-11-23T00:11:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/guitar-center-files-for-chapter-11-bankruptcy-2\/"},"modified":"2020-11-23T03:11:00","modified_gmt":"2020-11-23T00:11:00","slug":"guitar-center-files-for-chapter-11-bankruptcy-2","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/guitar-center-files-for-chapter-11-bankruptcy-2\/","title":{"rendered":"#\n  Guitar Center files for Chapter 11 bankruptcy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a283f403b613\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a283f403b613\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/guitar-center-files-for-chapter-11-bankruptcy-2\/#A_Guitar_Center_store_on_Sunset_Boulevard_in_Hollywood_Calif\" >A Guitar Center store on Sunset Boulevard in Hollywood, Calif.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/guitar-center-files-for-chapter-11-bankruptcy-2\/#Mike_Murphy\" >Mike Murphy<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Guitar Center files for Chapter 11 bankruptcy<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000076899\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"inline\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          inline\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:61.953125%;\" data-mobile-ratio=\"61.953125%\" data-layout-ratio=\"61.953125%\" data-subtype=\"\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-263470?width=140&amp;size=1.614123581336696 140w,\nhttps:\/\/images.mktw.net\/im-263470?width=540&amp;size=1.614123581336696 540w,\nhttps:\/\/images.mktw.net\/im-263470?width=620&amp;size=1.614123581336696 620w,\nhttps:\/\/images.mktw.net\/im-263470?width=700&amp;size=1.614123581336696 700w,\nhttps:\/\/images.mktw.net\/im-263470?width=860&amp;size=1.614123581336696 860w,\nhttps:\/\/images.mktw.net\/im-263470?width=1260&amp;size=1.614123581336696 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-263470?width=620&amp;size=1.614123581336696\" data-enlarge=\"https:\/\/images.mktw.net\/im-263470?width=1260&amp;size=1.614123581336696\" alt=\"\" title=\"A Guitar Center store on Sunset Boulevard in Hollywood, Calif.\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\">\n<h4 class=\"wsj-article-caption-content\"><span class=\"ez-toc-section\" id=\"A_Guitar_Center_store_on_Sunset_Boulevard_in_Hollywood_Calif\"><\/span>A Guitar Center store on Sunset Boulevard in Hollywood, Calif.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>      <span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            AFP via Getty Images<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/div>\n<p>       Guitar Center Inc. filed for bankruptcy Saturday, as the coronavirus pandemic continues to batter the retail industry.<\/p>\n<p> The retail chain, the largest seller of musical equipment in the U.S., said Saturday it was filing for Chapter 11 bankruptcy protection, and plans to keep its nearly 300 U.S. stores open during the process.<\/p>\n<div class=\"paywall\">\n       \u201cThis is an important and positive step in our process to significantly reduce  our debt and enhance our ability to reinvest in our business to support  long-term growth,\u201d Chief Executive Ron Japinga said in a statement. \u201cThroughout this process, we will continue to serve our  customers and deliver on our mission of putting more music in the world. Given  the strong level of support from our lenders and creditors, we expect to  complete the process before the end of this year.\u201d <\/p>\n<p>Guitar Center said its owner, Ares Management Corp.<br \/>\n        ARES,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202624618\/composite\" class=\"negative\">-0.11%<\/bg-quote><span>,<\/span><br \/>\n       along with new investors including funds managed by the Carlyle Group<br \/>\n        CG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200142014\/composite\" class=\"positive\">+0.50%<\/bg-quote><br \/>\n       and Brigade Capital Management, will provide financing through the bankruptcy process.<\/p>\n<p>Guitar Center said it plans to reduce its debt by $800 million, and has received $165 million in new equity investments. The company said it has negotiated to have a total of $375 million in debtor-in-possession financing provided by lenders and current noteholders, and it intends to raise another $335 million in senior secured notes.<\/p>\n<p>Like other retailers, coronavirus restrictions forced Guitar Center to temporarily close most of its stores earlier this year, which severely hurt sales.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Mike Murphy\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Mike_Murphy\"><\/span>Mike Murphy<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener noreferrer\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D12C638AE79C%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Guitar Center files for Chapter 11 bankruptcy &#8221; A Guitar Center store on Sunset Boulevard in Hollywood, Calif. AFP via Getty Images Guitar Center Inc. filed for bankruptcy Saturday, as the coronavirus pandemic continues to batter the retail industry. The retail chain, the largest seller of musical equipment in the U.S., said Saturday it&#8230;<\/p>\n","protected":false},"author":1,"featured_media":118086,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-118085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/118085","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=118085"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/118085\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/118086"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=118085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=118085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=118085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}