Blues

Gibson can declare bankruptcy after 116 years of activity

Published on 02/19/2018

Rumors suggest that Gibson, the iconic guitar and guitar brand maker, is facing a possible bankruptcy.

Nashville Post sources indicate that much of the problem came with the departure of Bill Lawrence, the company’s chief financial officer. Lawrence would have left the company in poor condition since “$ 375 million in debt and $ 145 million in loans” would be reaching their “maturity” if they were not refinanced until July.

In addition, Gibson also left Nashville, the city that had been its headquarters for more than 30 years. Now, the company’s future lies in the hands of Henry Juskiewicz, the owner of the company, but it will be a difficult battle: Juskiewicz would be “facing a fight against creditors over bad business decisions,” as the Dayton Daily News points out, and one of options to resolve the financial situation would be to decree the bankruptcy of the company.

Founded in 1902, Gibson is estimated to fetch about $ 1 billion a year. The company has some of the most iconic guitar models ever released in history, such as Les Paul, SG and Flying V.

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Rafael Polcaro

I'm a Brazilian journalist who always loved Classic Rock and Heavy Metal music. That passion inspired me to create Rock and Roll Garage over 6 years ago. Music has always been a part of my life, helping me through tough times and being a support to celebrate the good ones. When I became a journalist, I knew I wanted to write about my passions. After graduating in journalism from the Pontifical Catholic University of Minas Gerais, I pursued a postgraduate degree in digital communication at the same institution. The studies and experience in the field helped me improve the website and always bring the best of classic rock to the world! MTB: 0021377/MG