SAN FRANCISCO, Calif. (KRON) - Guitar Center filed for Chapter 11 bankruptcy on Friday due to the coronavirus pandemic.
However, the musical instrument store and website will remain open during the process.
Guitar Center officials said they've created a reorganization plan that will reduce debt by $800 million.
Ron Japinga, CEO of Guitar Center, said “This is an important and positive step in our process to significantly reduce our debt and enhance our ability to reinvest in our business to support long-term growth. Throughout this process, we will continue to serve our customers and deliver on our mission of putting more music in the world."
Japinga also said that Guitar Center expects to complete the bankruptcy process by the end of this year, thanks to strong support from creditors and lenders.
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