Iconic guitar maker Gibson seeks bankruptcy protection despite being ‘one of the most widely recognised brand names on planet Earth’
Founded in 1894 and based in Nashville, Tennessee, Gibson has the top market share in premium electric guitars
The maker of the Gibson guitar, omnipresent for decades in American music, has filed for bankruptcy protection after wrestling for years with debt.
A pre-negotiated reorganisation plan filed on Tuesday will allow Gibson Brands to continue operations with US$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 inside 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 recognised brand names on planet Earth,” said George Gruhn of Gruhn Guitars, a world-famous vintage instrument store.
It is one of the most widely recognised brand names on planet Earth
Founded in 1894 and based in Nashville, Tennessee, Gibson has the top market share in premium electric guitars. It sells more than 170,000 guitars a year in more than 80 countries, including more than 40 per cent of all electric guitars that cost more than US$2,000, according to a bankruptcy filing.