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Guitar Center Inc., the largest musical instrument retailer in the U.S., said it expected to file for bankruptcy after reaching an agreement to restructure its debt. Retailers like Target, J.Crew, Sephora, and more are extending their return policies in … Established in 1959. WESTLAKE VILLAGE, Calif. — Guitar Center Inc. became the latest U.S. retailer to cite the effects of the novel coronavirus in filing for Chapter 11 bankruptcy on Saturday. The … It expects to emerge from bankruptcy by the end of the year and employs around 13,000 people, filings show. We invite you to use our commenting platform to engage in insightful conversations about issues in our community. Covid-19 “wiped out much” of that progress, he said. Guitar Center, based Westlake Village, has around 300 stores across the U.S. Guitar Center has 269 locations, many of which are in malls that had been struggling long before COVID-19. The case is Guitar Center, 20-34656, U.S. Bankruptcy Court, Eastern District of Virginia. It has reopened locations while maintaining e-commerce operations. Its heavy debt load and financial pressures date back to a 2007 deal by Bain Capital LP to take it private for $2.1 billion. Guitar Center furloughs 9,000 employees in response to COVID-19 CEO Ron Japinga describes “difficult decision” to furlough more than 80 per cent of its staff and warns the retail giant is “evaluating numerous other options” to ride out current crisis. Sister brands include Music & Arts, with more than 200 stores specializing in band and orchestral instruments for sale and rent. UPDATE: Nov. 23, 2020: Guitar Center filed for Chapter 11 bankruptcy on Saturday to execute a previously announced deal to refinance its debt, inject new … GET BREAKING NEWS IN YOUR BROWSER. Or, contact our editors by emailing moderator@scng.com. Guitar Center joins Chuck E. Cheese, Hertz, J. (Bloomberg) -- Guitar Center Inc., the largest U.S. retailer of music instruments and equipment, filed for bankruptcy after the coronavirus pandemic kept customers at home and job losses made them less able to afford new gear.The filing in the Eastern District of Virginia gives the company a break on its debts by letting it stay in business as it seeks to carry out a restructuring plan. The company also negotiated a $375 million debtor-in-possession loan provided by existing noteholders and lenders, it said. The company says in its filing that it plans to explore opportunities to “optimize its real estate portfolio and other agreements to focus on investments that best position the Company to return to its growth trajectory prior to COVID-19.” In total, Guitar Center has between $1 billion and $10 billion in assets and liabilities. BY MAKING ANY PURCHASE, YOU ARE AGREEING TO THESE PURCHASE TERMS. Report a policy violation The company says in its filing that it plans to explore opportunities to “optimize its real estate portfolio and other agreements to focus on investments that best position the Company to return to its growth trajectory prior to COVID-19.” In total, Guitar Center has between $1 billion and $10 billion in assets and liabilities. via @nytimes. Support Support Visit our Knowledge Base With over 26,000 answers to your tech questions Contact Tech Support Guitar Workshop Other Repairs Return Policy Free Shipping Policy Shipping & Delivery Times SweetCare Remote All Help Topics Camping banned under latest order, but what other outdoor activities are allowed? Although we do not pre-screen comments, we reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable to us, and to disclose any information necessary to satisfy the law, regulation, or government request. We’re expecting both big brands and smaller companies to pop up … If you are not satisfied with your purchase, you may return it for a refund of the purchase price or exchange it for the same or a like product (excluding harmonicas and In Ear Monitors). J. Foot traffic in malls has plummeted, and stores like Guitar Center … Guitar Center’s bankruptcy will reduce its debt load by roughly $800 million and provide additional financing so the company can continue paying its vendors, suppliers and employees, the company said in a statement. Ares gained control of the company in 2014 through an out-of-court restructuring of Guitar Center’s borrowings. A report last month noted that music instrumentation chain Guitar Center was gearing up to file for bankruptcy, and to restructure their business. What is causing you to feel sick this year​, ​>> Coronavirus: CDC updates guidance for COVID-19 testing​, ​>> Dangerous hand sanitizer list up to more than 150 products, FDA announces​, ​>> Wash your masks: How to clean a cloth face covering​, ​>> Fact check: Will masks lower the oxygen level, raise the carbon dioxide in your blood?​, ​>> How to not let coronavirus pandemic fatigue set in, battle back if it does. Call Guitar Center on 866-498-7882 or get in touch online. Guitar Center has diversified by offering in-store repairs and music lessons, which continued online through the shutdown via videoconferencing services. The online reviews are mixed. Guitar Center files for bankruptcy as COVID-19 drives more shoppers online, Kelli Dugan, Cox Media Group National Content Desk, Natalie Dreier, Cox Media Group National Content Desk, Michelle Ewing, Cox Media Group National Content Desk, Zoo in New York state announces baby elephant’s death, WATCH: Khloe Kardashian and daughter True, 2, donate holiday gifts to children in need, WSOC - TV Public File Contact / Program Director, WAXN - TV Public File Contact / Program Director. Specialties: At Guitar Center Stevenson Ranch, you'll find a huge selection of amps, drums, keyboards, recording gear, DJ equipment, lighting and more from top brands like Fender, Gibson and others. Musical instrument retailer Guitar Center has filed for Chapter 11 bankruptcy protection after negotiating a debt-cutting deal with key investors and lenders. • THE GUITAR CENTER RETURN POLICY; AND • THE GUITAR CENTER SHIPPING, TAXES AND TITLE POLICY. Department stores and specialty shops were already under pressure before the pandemic due to competition from online behemoths like Amazon.com and falling foot traffic at shopping centers. We might permanently block any user who abuses these conditions. Prior to the pandemic, the company posted over 10 quarters of sales growth through February, Chief Executive Officer Ron Japinga wrote in a court declaration. Guitar Center listed liabilities of $1 billion to $10 billion, with a similar range for its assets, according to the filing. Guitar Center announced plans to file for Chapter 11 bankruptcy due to COVID-19 losses. So Guitar Center would rather lose a lifelong, over $20k in purchases history, card holder customer over the issue. 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Guitar Center is… Guitar Center has diversified by offering repairs and music lessons, which have continued online through the shutdown via videoconferencing services. Sweetwater's Coronavirus updates page. COVID-19 Response In these unprecedented times, we want to let you know we're here for you and our communities. Extended return policy is 45 days or Jan. 31, 2021—whichever comes later. The Guitar Center Cyber Monday deals cover big ticket items like the best 8-string guitars and plenty of beginner bass guitars, as well as essentials including the best guitar cables. The filings add to a list of retailers that have sought Chapter 11 court protection amid ongoing pressures from Covid-19 and changing consumer tastes. Learn about careers at Cox Media Group. No worries - if you bought online, just pop into your nearest Guitar Center store within 45 days for a free, instant refund. Tesla’s Elon Musk follows 687,626 Californians who moved to Texas, Brea school board member alleges police kept dossier on her interactions with officers, Orange County expands coronavirus saliva testing program to all residents. Guitar Center, based Westlake Village, has around 300 stores across the U.S. Guitar Center’s flagship store on Sunset Boulevard in Hollywood has reported a surge in sales, which it attributed to an increase in hobbyist musicians and podcasters purchasing equipment to use while in lockdown for COVID-19.. Beginner instruments and pro audio equipment were reported to be among the store’s top sellers, leading to a triple-digit increase in sales figures. A turnaround will be complicated by the fact that the company’s stores were shut in mid-March to help stop the spread of the Covid-19 outbreak. © 2020 Cox Media Group. By using this website, you accept the terms of our Visitor Agreement and Privacy Policy, and understand your options regarding Ad Choices. This station is part of Cox Media Group Television. Guitar Center is filing for bankruptcy.The 61-year-old company— the biggest musical instrument retailer in the US — tried to stay afloat by offering virtual music lessons, but it was forced to close many of its stores in March during nationwide lockdowns.https://t.co/pk9vftnJYb. Post was not sent - check your email addresses! Guitar Center is doing nothing to help stop the pandemic. Sorry, your blog cannot share posts by email. 14 retailers with flexible return policies during the coronavirus pandemic. Sister brands include Music & Arts, with more than 200 stores specializing in … While Guitar Center is pleased with its overall store footprint, the Company has engaged A&G to explore opportunities to optimize its real estate portfolio and other agreements to focus on investments that best position the Company to return to its growth trajectory prior to COVID-19. If you see comments that you find offensive, please use the “Flag as Inappropriate” feature by hovering over the right side of the post, and pulling down on the arrow that appears. Guitar Center, which like many retailers has struggled during the COVID-19 pandemic, has filed for bankruptcy in a bid to reduce its debt by $800 million. Need help with your order? Musical instrument retailer Guitar Center plans to file for Chapter 11 bankruptcy protection after negotiating a debt-cutting deal with key investors and lenders. It brought in A&G Realty Partners to optimize its real estate portfolio and other agreements to focus on investments. Earlier this month the company reached a restructuring agreement with key stakeholders that includes debt reduction of nearly $800 million and new equity investments of up to $165 million to recapitalize the company, Fox Business reported. Guitar Center has filed for Chapter 11 bankruptcy, citing financial hardships due to the ongoing COVID-19 pandemic. 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