116 year old guitar maker Gibson Files Bankruptcy with $500 million in debt attributed to it’s jump into the consumer electronics business.
The Nashville based company has helped make Rock history with Les Paul guitars played by many rock legends including:
- Eric Clapton
- Jimmy Page
- Pete Townshend
Gibson won’t go the way of the dinosaur if they execute successfully in their B.K. process. Their path to survival is liquidating their failed consumer electronics business – Gibson Innovation. If accomplished Gibson will still produce and sell Les Pauls and others as well as Epiphone guitars, Baldwin pianos and other select professional studio audio equipment and instruments.
Henry Juszkiewicz – CEO of Gibson joined in 1986 to save it from a previous bankruptcy transition. Juszkiewicz drove the company into a lifestyle brand due to slowing guitar sales globally with products like self tuning guitars that didn’t pay off.
Pending lawsuits did not help Gibson’s situation with multiple in process the weight was to much to bear for Juszkiewicz.
Juszkiewicz is assuring all musicians that Gibson Filing Bankruptcy does not mean their guitars will go away. The process will assist the famous guitar maker to refocus back at producing great guitars.