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 Guitar Center Announced Restructuring Friday
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Joined: Jan 2016
Posts: 2,687
2000 Post Club Member
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OP
2000 Post Club Member
Joined: Jan 2016
Posts: 2,687 |
https://static.guitarcenter.com/sta...-gc-comprehensive-agreement-11-13-20.pdfhttps://www.reuters.com/article/guitar-center-restructuring-idUSL4N2I001U"Guitar Center Announces Comprehensive Agreement to Reduce Debt and Provide Significant Financing to Support Business Plan Agreement Provides That All Financial Obligations to Vendors, Suppliers and Employees Will Continue to Be Paid in Full in the Normal Course Business Operations Will Continue Uninterrupted Agreement Includes Up To $165 Million In New Equity Investments to Recapitalize Company And Reduce Debt by Nearly $800 Million Provides for $375 Million in Additional Near-Term Liquidity... ...Guitar Center expects to file voluntary petitions for reorganization pursuant to Chapter 11 in the United States Bankruptcy Court" Kindly try to keep the political comments out of this thread.
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Re: Guitar Center Announced Restructuring Friday
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Joined: Jan 2016
Posts: 2,687
2000 Post Club Member
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OP
2000 Post Club Member
Joined: Jan 2016
Posts: 2,687 |
I would still exercise consumer caution (e.g. use any gift cards and not purchase new ones). - For all purchases, I might use a credit card with "good protection". For in-store purchases, maybe leave the store with all the gear I paid for.
- CAUTION. I would NOT make any deposits or down payments on equipment. I would NOT leave any equipment in a store for repair, preparation, consignment sale, etc. The cash & equipment may become difficult or impossible to retrieve.
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Re: Guitar Center Announced Restructuring Friday
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Joined: Nov 2016
Posts: 1,293
1000 Post Club Member
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1000 Post Club Member
Joined: Nov 2016
Posts: 1,293 |
I just purchased (from Guitar Center) a new Baby Taylor Guitar (mahogany version) as a Christmas present for my 9-year-old. He can't know about it until Christmas. I like it so much that I've been playing it every night after he goes to bed. I also purchased an SKB hard case for it from Guitar Center. Both were shipped to my house from the Guitar Center warehouse here in CA.
As usual, I'm satisfied with the customer service and pricing (I received a 15% discount). Also, my purchase is backed by their "Low Price Guarantee" up to 45 days, and I can drive down to the local Guitar Center and return the items for a full refund within 45 days if I'm not happy.
The majority of my musical purchases come from Guitar Center and I hope they stay in business.
God Bless,
David
Yamaha AdvantGrand N1X
Duane Shinn - 52 Week Crash Course - Completed
Duane Shinn - Praise and Gospel Course - In Progress
Greg Howlett - Inspirational Improvisation - In Progress
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Re: Guitar Center Announced Restructuring Friday
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Joined: Oct 2014
Posts: 532
500 Post Club Member
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500 Post Club Member
Joined: Oct 2014
Posts: 532 |
Chapter 11 is restructuring. It's not Chapter 7 liquidation. It's the corporate version of consumer Chapter 13.
Selmer Mark VI Tenor (‘73) & Alto Sax (‘57), Yamaha YSS-62 Soprano Sax (‘87), Conn Naked Lady Baritone Sax (‘52), Conn New Wonder Tenor & Alto Sax (‘24), Yamaha WX5 Wind Synth (‘13), Kawai MP11 & ES-110, Numa Compact 2x, Casio PX5S, Roland VR-09, Hammond E-112 (‘69).
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Re: Guitar Center Announced Restructuring Friday
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Joined: Oct 2014
Posts: 532
500 Post Club Member
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500 Post Club Member
Joined: Oct 2014
Posts: 532 |
I got a robo call from GC this morning displaying appreciation for my business and to follow up on anything they can do.
Selmer Mark VI Tenor (‘73) & Alto Sax (‘57), Yamaha YSS-62 Soprano Sax (‘87), Conn Naked Lady Baritone Sax (‘52), Conn New Wonder Tenor & Alto Sax (‘24), Yamaha WX5 Wind Synth (‘13), Kawai MP11 & ES-110, Numa Compact 2x, Casio PX5S, Roland VR-09, Hammond E-112 (‘69).
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Re: Guitar Center Announced Restructuring Friday
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Joined: Jun 2019
Posts: 1,479
1000 Post Club Member
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1000 Post Club Member
Joined: Jun 2019
Posts: 1,479 |
This is good news. Being able to purchase larger items mail-order with the option to return if necessary by taking it to a local GC store always kept GC at the top of the heap for service. Also can take delivery at a local store and pickup to avoid worries of theft after delivery if not home.
Not logging in very often, but I will receive PMs.
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