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 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. via @nytimes. 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. It expects to emerge from bankruptcy by the end of the year and employs around 13,000 people, filings show. The company which owns about 300 … Guitar Center has diversified by offering in-store repairs and music lessons, which continued online through the shutdown via videoconferencing services. The coronavirus shutdown has hit nonessential retailers hard, and Guitar Center was vulnerable because purchases of musical instruments are highly discretionary, according to a report by Moody’s Investors Service. 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. COVID-19 Response In these unprecedented times, we want to let you know we're here for you and our communities. 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. Published on … 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. The online reviews are mixed. Just bring along your proof of purchase and packing slip to process the return. So Guitar Center would rather lose a lifelong, over $20k in purchases history, card holder customer over the issue. Plans call for $335 million in new senior secured notes arranged by UBS. 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. • THE GUITAR CENTER RETURN POLICY; AND • THE GUITAR CENTER SHIPPING, TAXES AND TITLE POLICY. This station is part of Cox Media Group Television. 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. 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. Read while listening tohttps://t.co/0pu6WTQV8F(Slow Dancing In a Burning Room--one of the saddest guitar songs there is)@guitarcenter Files for Bankruptcy https://t.co/elZ5SzucIW? log in to manage your profile and account. A restructuring support agreement that Guitar Center announced Nov. 13 calls for new financing backed by existing creditors as well as $165 million in new equity investments from its private equity owner, Ares Management Corp., and Carlyle Group and Brigade Capital Management. The company stated that business operations are expected to continue uninterrupted, the network reported. 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. 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. It brought in A&G Realty Partners to optimize its real estate portfolio and other agreements to focus on investments. Musical instrument retailer Guitar Center has filed for Chapter 11 bankruptcy protection after negotiating a debt-cutting deal with key investors and lenders. Musical instrument retailer Guitar Center plans to file for Chapter 11 bankruptcy protection after negotiating a debt-cutting deal with key investors and lenders. Guitar Center, based Westlake Village, has around 300 stores across the U.S. Camping banned under latest order, but what other outdoor activities are allowed? We might permanently block any user who abuses these conditions. Guitar Center joins Chuck E. Cheese, Hertz, J. No worries - if you bought online, just pop into your nearest Guitar Center store within 45 days for a free, instant refund. Guitar Center listed liabilities of $1 billion to $10 billion, with a similar range for its assets, according to the filing. Extended return policy is 45 days or Jan. 31, 2021—whichever comes later. The case is Guitar Center, 20-34656, U.S. Bankruptcy Court, Eastern District of Virginia. 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. J. Retailers like Target, J.Crew, Sephora, and more are extending their return policies in … Sister brands include Music & Arts, with more than 200 stores specializing in band and orchestral instruments for sale and rent. Sweetwater's Coronavirus updates page. Guitar Center announced plans to file for Chapter 11 bankruptcy due to COVID-19 losses. Guitar Center is doing nothing to help stop the pandemic. 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 Entire Agreement. Guitar Center files for bankruptcy as COVID-19 drives more shoppers online Share By: Kelli Dugan, Cox Media Group National Content Desk Updated: November 22, 2020 - 6:53 PM The pandemic has cost tens of millions of Americans their jobs, and many who are still employed have seen their pay cut substantially. 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. Connecting with Guitar Center. Sorry, your blog cannot share posts by email. According to CNN Business, the 61-year-old company attempted to weather the pandemic by offering virtual music lessons, but the company was forced to shutter many of their 269 physical locations during national lockdowns in March and never quite recovered. With nearly 300 locations nationwide, the Westlake Village, California-based company is the largest retailer of music instruments and equipment in the United States, but the COVID-19 pandemic forced a substantial portion of their music-loving customers out of brick-and-mortar stores and online, Fox Business reported. 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. Established in 1959. Guitar Center has 269 locations, many of which are in malls that had been struggling long before COVID-19. The product should be pulled from the shelf until Bogner can figure out the issue. (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. 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. Guitar Center faced “significant debt burden and upcoming maturities” on top of the pressures from the pandemic, which could not be resolved through “short-term measures,” Japinga said. A report last month noted that music instrumentation chain Guitar Center was gearing up to file for bankruptcy, and to restructure their business. 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 … 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). The company also negotiated a $375 million debtor-in-possession loan provided by existing noteholders and lenders, it said. Guitar Center has diversified by offering repairs and music lessons, which have continued online through the shutdown via videoconferencing services. 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Guitar Center is… Guitar Center, based Westlake Village, has around 300 stores across the U.S. 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. © 2020 Cox Media Group. Need help with your order? Learn about careers at Cox Media Group. BY MAKING ANY PURCHASE, YOU ARE AGREEING TO THESE PURCHASE TERMS. It has reopened locations while maintaining e-commerce operations. It has hired a real estate firm to “focus on investments that best position the company to return to its growth trajectory prior to COVID-19,” the company announced. Crew, J.C. Penney, Neiman Marcus and other national retailers that have filed for bankruptcy protection amid … >> Coronavirus: CDC acknowledges airborne transmission of COVID-19​, ​>> Is it COVID-19, flu, cold or allergies? 14 retailers with flexible return policies during the coronavirus pandemic. HARRISBURG, Pa. (WHTM) — Guitar Center, the biggest retailer of musical instruments and equipment, is filing for bankruptcy. It has four Louisiana locations, including one in Lafayette. We’re expecting both big brands and smaller companies to pop up … 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. 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. 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. By using this website, you accept the terms of our Visitor Agreement and Privacy Policy, and understand your options regarding Ad Choices. Sister brands include Music & Arts, with more than 200 stores specializing in … Fender will issue a prepaid shipping label to minimize your return cost. GET BREAKING NEWS IN YOUR BROWSER. Crew, Neiman Marcus and J.C. Penney filed for bankruptcy toward the beginning of the pandemic, unable to withstand the impact of temporary store closures and lost sales. 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. Post was not sent - check your email addresses! 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. Guitar Center has filed for Chapter 11 bankruptcy, citing financial hardships due to the ongoing COVID-19 pandemic. 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. Changed your mind? 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. The company said in a statement that it has negotiated $375 million in debtor-in-possession financing from existing lenders and intends to raise $335 million in new senior secured notes. Foot traffic in malls has plummeted, and stores like Guitar Center … 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. Or, contact our editors by emailing moderator@scng.com. Last Revised: November 13, 2020 Guitar Center Return Policy Purchases made after Dec. 15 still qualify for our standard 45-day return policy. CLICK HERE TO TURN ON NOTIFICATIONS. But you can help and stop their stores from continuing to stay open, which will help to stop the spread of COVID-19. Guitar Center, 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. I've been wrestling with this pedal beyond the 45 day return policy, due to having a heavy workload. Call Guitar Center on 866-498-7882 or get in touch online. 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. Ares gained control of the company in 2014 through an out-of-court restructuring of Guitar Center’s borrowings. 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