Guitar Center officially files for bankruptcy

Hit hard by mandated store closings and drastically reduced mall traffic, the country's largest musical instrument retail chain entered Chapter 11 restructuring proceedings on Saturday in the U.S. Bankruptcy Court of the Eastern District of Virginia. The company, whose largest shareholder is Ares Management Corporation, said it hopes to emerge from bankruptcy by the end of 2020. Management is working with its creditors to reduce its debt of approximately $1.3 billion by $800 million and has secured new financing from investors that include a fund managed by its current owner.