Guitar Center Filing Chapter Eleven

Discussion in 'Bad Dog Cafe' started by Recce, Nov 13, 2020.

  1. Recce

    Recce Friend of Leo's Silver Supporter

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    I just received an email from Musicians Friend stating they would remain open but are filing Chapter Eleven. All the rumors have come to fruition.
     
  2. MarkieMark

    MarkieMark Friend of Leo's

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    Deal of the day- dont lend them any money. :eek:
     
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  3. Deeve

    Deeve Poster Extraordinaire Silver Supporter

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    Received this from our good friends @ MF, about "things you may read about GC in the news"

    Actually, I just got home a little while ago and haven't read wsj.com yet.


    Dear Deeve,
    Thank you for being a loyal customer of Musician's Friend. We genuinely appreciate your business.

    I'm pleased to share that our parent company — Guitar Center, Inc. — has announced an agreement to strengthen their financial structure which will allow us to serve you better for the long term. During this time there is likely to be press coverage, so we wanted you to hear from us what to expect.
    • Our website and call centers are open and available to you as we continue to operate our business as usual.

    • We will continue to serve your needs as usual, therefore customer service, Musician's Friend Rewards, financing and Gold Coverage remain unaffected.
    To facilitate this financial restructuring, we will voluntarily file for restructuring under Chapter 11. During this time, we will have ample financing to continue all of our operations without interruption.

    Most importantly, we are staying focused on helping more customers make music. We continue to have the gear you want and need, with new gear arriving regularly and we are here to support your musical needs as we have exciting Musician's Friend holiday promotions ready for you!

    If you have questions or concerns please feel free to email us at service@musiciansfriend.com or call us at 877-880-5907.
    [​IMG]
    Ron Japinga
    Chief Executive Officer
    The Guitar Center Company
     
  4. Deeve

    Deeve Poster Extraordinaire Silver Supporter

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  5. Deeve

    Deeve Poster Extraordinaire Silver Supporter

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    looks like we've got a parallel thread
    :cool:
     
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  6. backporchmusic

    backporchmusic Poster Extraordinaire

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    Yeah, I got an email direct from GC this afternoon. I called earlier in the day today and had them apply a 16% off coupon they sent two days ago retroactively to a guitar I bought a week ago.

    It will be interesting to see what changes, in a practical sense.
     
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  7. lammie200

    lammie200 Friend of Leo's

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    I noticed that some used guitars were discounted 16%.
     
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  8. stantheman

    stantheman Doctor of Teleocity

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    Thank You Santa!!! :D:D
     
  9. loco gringo

    loco gringo Tele-Afflicted Gold Supporter

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    Damn 2020! It never ends.
     
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  10. Jupiter

    Jupiter Telefied Ad Free Member

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    well, that would be weird
     
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  11. HotRodSteve

    HotRodSteve Poster Extraordinaire

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    Just a side-note but today when I went to my local music store to get my Tele worked on the phone rang three times and one other person walked into the store so business wasn't bad while I was there.
     
  12. SRHmusic

    SRHmusic Tele-Afflicted Silver Supporter

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    "... announced an agreement to strengthen their financial structure which will allow us to serve you better for the long term."

    Didn't you love the corporate spin machine? Everything is always good and for your benefit.
     
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  13. USian Pie

    USian Pie Tele-Holic

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    I think of a pilot saying, "The rapid descent we are experiencing is a normal consequence of gravity and insufficient lift. Rest assured we still have enough altitude to regain velocity and restore airflow. Pay no mind to me jumping out the door with a parachute."
     
  14. Audiowonderland

    Audiowonderland Tele-Meister Silver Supporter

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    You guys know the difference between chap 7 and 11 right,?
     
  15. 1 21 gigawatts

    1 21 gigawatts Tele-Afflicted

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    They will be fine. Their creditors are the ones that will get hosed.

    I remember from the other thread that they posted three straight quarters of gains. I imagine that Q3 will make it 4. You don't shut businesses down that are still making money. Their creditors will agree to renegotiate the debt, and some underperformed locations will close.
     
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