Gibson, the iconic, century old guitar company that produces the famous SG and Les Paul guitars has seen much better days...
In February, news emerged around the company struggling. This week Gibson filed for bankruptcy protection and lenders have officially taken control.
Gibson was the instrument of choice for legends like Jimmy Page, Slash and Carlos Santana.
It's a sad day to think a new generations of rockers won't get to pluck the legendary Gibson strings.
However, liquidation has begun to deal with their debt - Gibson started a speakers and headphones division which never took off.
There's hope that the liquidation with return the guitar business to profit.
“The decision to re-focus on our core business, musical instruments, combined with the significant support from our noteholders, we believe will assure the company’s long-term stability and financial health,” said Henry Juszkiewicz, Gibson chairman and CEO.