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Guitar Center, the largest retailer for musical instruments in the US, has filed for bankruptcy

View of a Guitar Center store in Hollywood, California. Valerie Macon/AFP via Getty Images Guitar Center, the largest musical instrument retailer in the US, has filed for bankruptcy. The company announced Saturday it was entering the Chapter 11 restructuring process, during which it'll stay in business. Guitar Center said it expects to finish up the process by the end of the year. Like other physical retailers, Guitar Center has felt the negative impacts of consumers' increasing reliance o...
Tags: Music, News, US, Trends, Bloomberg, Bankruptcy, New York Times, Retail, Afp, Guitar Center, Hollywood California, Lord Taylor, Valerie Macon, Paige Leskin, Getty Images Guitar Center, US Guitar Center


Gibson may emerge from bankruptcy, new guitars on the way

Gibson are synonymous with guitars after a 100+ year legacy, so their bankruptcy came as a shock. But it looks like they might crawl out from it yet. Back in May of this year we were shocked to learn Gibson had filed for bankruptcy after having helped define guitars since the company launched in 1902. The filing came after a series of asset sales and restructuring in an attempt to recuperate years of evidently poor business choices that culminated in $60 million of debt. But they may rise fr...
Tags: Business, Music, Debt, Equipment, Bankruptcy, Guitars, Blackstone, Delaware, Guitar, Bankrupt, Gibson, Les Paul, Range, 2019, US Bankruptcy Court, Philips Electronic


Iconic guitar makers Gibson have gone bankrupt

Easily one of the most influential instrument-makers in the world, after 100 years in business Gibson have filed for bankruptcy. American guitar-makers founded in 1902 Gibson have filed for bankruptcy this week following a series of asset sales and restructuring. The court filing says that Gibson have been “trapped in a vicious cycle in which it lacked the liquidity to buy inventory and drive sales”. On Tuesday Gibson filed for chapter 11 bankruptcy in hopes to resolve their recent financial...
Tags: Business, Music, Makers, Sales, Equipment, Manufacturers, Bankruptcy, Musical, Philips, Bass, Guitar, Industry News, Gibson, Epiphone, Instrument, BandLab


Gibson guitars files for bankruptcy

Gibson plans to continue designing and selling musical instruments, but will do away with its Gibson Innovations unit, where its Philips branded electronic accessories, like headphones and speakers, are made. Continue reading… [Author: Amanda Hatfield]
Tags: Music, Bankruptcy, Philips, Guitars, Music News, Amanda Hatfield, Gibson, Gibson Innovations


Concert: Kíla - Live at Vicar Street

I got my first Kíla album in the mid-1990s while I was going to university in Halifax, Canada. It was a big deal.Lemme give you some background: my folks declared bankruptcy the week that I shipped off to school. The financial help I assumed would be there for me, wasn't. I watched, near penniless, as my fellows drank themselves into oblivion and got to know one another. I couldn't afford to participate. I couldn't afford the books from the extensive reading list I'd been given. The only thin...
Tags: Post, Video, Music, News, Love, HMV, Poverty, Bankruptcy, University, Ireland, Tunes, Halifax Canada, Kila, Vicar Street


iHeartRadio has filed for bankruptcy but don’t worry — it isn’t going anywhere

iHeartRadio parent company iHeartMedia has filed for chapter 11 bankruptcy after accruing more than $20 billion in debt, but how will this move end up affecting the company’s customers? The post iHeartRadio has filed for bankruptcy but don’t worry — it isn’t going anywhere appeared first on Digital Trends.
Tags: Business, Music, Trends, Bankruptcy, Home Theater, Iheartradio, Bankrupt, Chapter 11


iHeartMedia have filed for bankruptcy to clear $20bn in debt

After weeks of uncertainty iHeartMedia are moving to resolve their massive debt by filing for bankruptcy. The past few weeks have been a tumultuous time for iHeartMedia Inc, owners of highly successful radio streaming platform iHeartRadio. The company earned $20 billion in debt from an invested buyout at now illegal loan rates in 2008 and late repayments this year put them on the brink of bankruptcy. They have now confirmed they are filing for  Chapter 11 bankruptcy. iHeartMedia have reportedl...
Tags: Music, America, Debt, Investment, Bankruptcy, Pandora, United States, Funds, Loan, Iheartradio, Investors, Industry News, Bankrupt, Bob Pittman, iHeartMedia Inc, Liberty Media


iHeartMedia wipe $15B in debt, saving them 2 days of bankruptcy

iHeartMedia are on the very brink of going bankrupt but they’ve been given at least 2 more days until crunch time. In the past week iHeartMedia’s funds, or lack thereof, have been revealed and it was said that they could go bankrupt as soon as yesterday. Today it was announced that creditors have given the radio streaming giant until 11:59 PM on Wednesday to agree on a reorganisation plan. This is according to documents that were filed yesterday. According to the documents a Chapter 11 bankrup...
Tags: Music, Debt, Bankruptcy, Pandora, Radio, Liberty, Streaming, Securities And Exchange Commission, Digital Music News, Bankrupt, Liberty Media, SiriusXM, Iheartmedia, Channel Outdoor Holdings


iHeartMedia face bankruptcy but rivals’ investor Liberty Media could save them

iHeartRadio are facing financial breakdown but the investor coming to save the day has stakes in some of their biggest rivals. Radio streaming service iHeartRadio are facing trouble with debt and are looking to consolidate it any way possible to avoid bankruptcy. That could mean a sale of assets to Liberty Media who also have investments in other music streamers including a majority in SiriusXM and a $480 million stake in direct radio streaming competitor Pandora. Latest reports suggest that i...
Tags: Music, Debt, Investment, Bloomberg, Bankruptcy, Pandora, Liberty, Payments, Bain Capital, Iheartradio, Investors, Industry News, Bankrupt, Creditors, Thomas H Lee Partners, Liberty Media


Gibson Guitars respond to rumours they are facing bankruptcy

Gibson Guitars are reportedly teetering on the edge of closure after over 120 years of defining guitars, but Gibson have something to say about these rumours. Last week reports circulated that suggested Gibson are in some serious debt troubles and could be facing bankruptcy if they don’t pay them by July 23rd. The famous guitar makers have become a household name in instruments so this news was a shock to many, but Gibson have now made a statement regarding the rumours. According to their stat...
Tags: Music, Debt, Equipment, Investment, Bankruptcy, Philips, Guitars, Jefferies, Industry News, Bankrupt, Response, Gibson, Gibson Guitars, Instrument, Henry Juszkiewicz, Juszkiewicz


Gibson guitars reportedly facing bankruptcy

One of the most iconic guitar companies of all time is reportedly ”running out of time - rapidly.” Continue reading… [Author: BrooklynVegan Staff]
Tags: Music, Bankruptcy, Guitars, Music News, Gibson, BrooklynVegan Staff, Heavy Metal News


Gibson guitars face bankruptcy; “running out of time – rapidly”

One of the world’s most iconic guitar manufacturers, Gibson may run out of money very soon as debt payments loom. Gibson’s doors may soon close after over 100 years making top-quality guitars for everyone from the world’s biggest guitarists to bedroom guitarists. They’ve managed to get themselves caught in a big ball of debt with $375 million in repayments due by July 23rd. Kevin Cassidy, a senior credit officer at Moody’s Investor Services, says: “If this ends in bankruptcy, he will give up t...
Tags: Business, Music, Debt, Lp, Bankruptcy, Finances, Instruments, Guitars, Memphis, Guitar, Industry News, Bankrupt, Gibson, Les Paul, Moody s Investor Services, Manufacturer


Pemberton Music Festival cancelled, not issuing automatic refunds

Pemberton Music Festival is cancelled, but due to bankruptcy refunds will not automatically be issued to ticketholders, nor are they guaranteed to get the full amount they paid back. Continue reading… [Author: Amanda Hatfield]
Tags: Music, Bankruptcy, Music News, Cancelation, Canceled, Amanda Hatfield, Pemberton, Pemberton Music Festival


Struggling music video service Vadio dies, taking $12 million with it

Promising music video monetization startup Vadio have lost the wind in their sails, crashed and died with millions in funding lost down the drain. Portland-based startup Vadio have had to give up after four years of monetizing music videos as the company runs out of money. Unfortunately for investors that adds up to almost $12 million that the company has gained and lost before facing facts and throwing in the towel. Across 6 rounds of funding the company raised $11.8 million including a massi...
Tags: Video, Music, Music Videos, Startup, Investment, Bankruptcy, Portland, Sony, Warner Music, Invest, Universal, Warner, Shazam, Investors, Labels, Industry News


HMV shuts down all 102 Canadian stores due to bankruptcy

HMV Canada has been announced bankrupt and are closing all their stores on what Canadians are calling “the day the music died”. January 27th is the day that a judge in Ontario approved music, film and TV store HMV Canada’s bankruptcy filing, leading to the closure of over 100 stores and the end of Canada’s largest music retailer. Whilst music didn’t die that day, c’mon Canada, it’s a massive blow to the industry as it represents the continuing decline in physical music as digital downloads and...
Tags: Hong Kong, Music, UK, TV, Film, Court, HMV, Bankruptcy, Canada, Retailer, Store, Industry News, Ontario, Bankrupt, Ltd, Closing


SFX Entertainment rebrand as LiveStyle for a fresh start after bankruptcy

Massive EDM events brand SFX Entertainment has emerged from bankruptcy with a new name and a new boss to shed the image Sillerman left. SFX Entertainment entered bankruptcy at the beginning of this year after it’s founder and then CEO Robert Sillerman’s audacious business purchases led a drop in valuation from $1 billion to $10 million in under 3 years. The company responsible for some of the worlds biggest EDM brands like digital store Beatport and festivals like Tomorrowland and Mysteryland ...
Tags: Music, New York, Brand, Bankruptcy, Festivals, Store, Mysteryland, Tomorrowland, Beatport, Artist / Label News, Phillips, Robert Sillerman, SFX, SFX Entertainment, Sillerman, Randy Phillips


CÜR Media lay off all staff on the brink of bankruptcy

CÜR Media is close to bankruptcy after raising over $13 million to launch a music streaming service for “the casual listener”. The CÜR Media offices are looking bare as the company has had to lay off all of it’s staff, whilst ex-CEO and president of UMG distribution Jim Urie resigned from his position as executive chairman. Urie took over as interim CEO at CÜR as the company was in $7.5 million of debt to music labels which it clearly couldn’t resolve. CÜR Media weren’t even able to launch CÜR...
Tags: Music, Funding, Streams, Bankruptcy, Music Streaming, Streaming, SEC, Failing, Streaming Service, Labels, Digital Music News, Umg, Company, Urie, Jim Urie, CÜR Media


Beatport too popular to sell decides struggling parent SFX Entertainment

After filing for bankruptcy earlier this year SFX Entertainment have been selling off their assets, but they’ve decided to remove music store Beatport from the market because it’s just too popular. SFX filed for bankruptcy earlier this year in February and have since been trying to sell the company’s assets, which includes the digital EDM store Beatport. SFX even , but that turned out to be a good move as they’ve begun making enough money that selling the store no longer makes sense. It was r...
Tags: Music, Marketplace, Digital, Online, Bankruptcy, Store, Beatport, Beats Electronics, Music Stores, Electronic, Edm, SFX, SFX Entertainment


Bankruptcy Alert! Producer Jazze Pha Files Chapter 13 – Reportedly Drowning in Debt… *DETAILS*

Another day, another music industry heavyweight has reportedly hit hard times. This week, it’s Atlanta-based music prouder Jazze Pha (real nam Phalon Alexander) who has filed for bankruptcy protection. Details below… (more…) Related Posts They Say: Producer Jazze Pha is a Part of Atlanta’s “Rainbow Coalition”….Another Day Another Bankruptcy! Octomom Owes A Milli in Debt… TLC’s Tionne “T-Boz” Watkins is B.R.O.K.E. & Facing Bankruptcy… Toni Braxton Says Oprah Was Mean To Her + Did Toni Hide ...
Tags: Featured, News, Atlanta, Bankruptcy, Jazz, Legal Issues, Toni Braxton, Curtis 50 Cent Jackson, Boz Watkins


Beatport, SFX’s Massive EDM Store Shuts Down All Services Except Downloads

From Friday the 13th this week the major online EDM store Beatport will be shut down in it’s entirety except for its download store after parent company SFX cancels its auction. Beatport has become synonymous with online EDM and made itself one of the few renowned specialist music streaming sites, on top of it’s music store. As the company continually tried to branch beyond their parent company SFX Entertainment, who bought Beatport in 2013, fell into bankruptcy and decided to auction off the ...
Tags: Music, Dj, Bankruptcy, Streaming, Store, Shutdown, Beatport, Digital Music News, Electronic, Edm, Producers, SFX, SFX Entertainment


50 Cent Says Bankruptcy Plan Will Force Him Into Indentured Servitude

It's hard out here for a bankrupt rapper.
Tags: Music, Celebrities, Money, Rap, Bankruptcy, 50 Cent, Quote Of The Day, Curtis James Jackson III, Richard M. Coan



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