Business
Guitar Center Files for Chapter 11 Bankruptcy In Wake of Debt Restructure – Billboard
Guitar Center, the nation’s largest retailer of musical instruments, has filed for Chapter 11 bankruptcy protection.
The agreement additionally includes $165 million in new equity investments from a fund managed by the private equity group of Guitar Centers controlling owner Ares Management Corporation (which acquired a majority stake in the company in 2014), new investor Brigade Capital Management, a fund managed by The Carlyle Group and other lenders.
The company says its business operations will continue uninterrupted during the debt restructuring process and that it will continue to pay its vendors, suppliers…
