Gibson Guitars Bankrupt

[madscientist451]

Another proud US company gets flushed down the drain by "brilliant" corporate overlords
with MBA degrees but who probably don't know the difference between a guitar chord and an extension cord.
OK, that's not fair, the CEO is actually a guitar player and brought Gibson back from the brink of liquidation in the 80's, but new acquisitions haven't been profitable and now they're in trouble again
Gibson sells 170,000 guitars a year, but can't make a profit.
They stopped making banjos around 2006 even though there was a considerable demand for them selling at ridiculous high prices.
Here's the article:
http://www.latimes.com/business/la-fi-gibson-bankruptcy-20180501-story.html

 

[arturo7]

Kids aren't buying guitars.

If rock and roll ain't dead, it's on life support.

 

[Cyclman]

Debt kills.

 

[user 246304]

Yeah, this kills. My best friend is a luthier and though he works on fine symphonic instruments (and restorations on like, 1750's, sea-wrecked instruments), he has more guitar knowledge than anyone I can imagine. He's building a little parlor thing right now, and god is that a beautiful little guitar. I used to play gypsy swing and got mine from a luthier in NY. Chris glowed. I think today he's probably pretty melancholic. As am I. This is truly saddening.

 

[S-Met]

Kids aren't buying guitars.

Whats a guitar, oh yeah, like in that game rockband. Your guitar is lame, you don't have buttons.
Oh, not the game? Yeah, i have an app for guitar on my ifone

 

[Oginme]

Actually, it is not the guitar sales which are causing Gibson's demise. Sales have been pretty steady, though there is a lot of pressure to lower prices. The real issue with Gibson was their acquisition of an audio, video, and effects multimedia company (Royal Philips) which has been a sink hole of corporate money and attention.

 

[day_trippr]

Reading about this today it seems Gibson isn't going anywhere for awhile at least...

Cheers!

 

[Boomer]

I know it still smells like lacquer every morning when I drive by their shop in Bozeman...

 

[homebrewer_99]

It's partially my fault. All I own are Fenders and Ovations.

 

[Br3w4u]

Kids only want microphones and digital turntable mixers and crap anymore. Rock is out, rap is in. Hey what’s weird is there is an add on the side of my screen for Warmoth guitars right now. Well anyway I wonder if this means this price on my SG-2 will increase or decrease....

 

[CrimsonYeti]

It sucks they have to file. I think some of it has to do with the new robo tuners they have on guitars. Sounds like they owe that company a lot of money. As i own several of their guitars i think there quality has taken a hit too. Hopefully they recover.

 

[passedpawn]

Bankruptcy will just help them clear deadwood and back off creditors. They will keep making guitars I'm sure.

I bought a new Baldwin Piano a while back. I had no idea that Baldwin was part of their company. (that piano is still a great instrument BTW).

 

[Jwin]

The pro audio and consumer electronics section has been a dumpster fire since inception. They tried to become a Harman and failed.