Retail News

Guitar Center to file for Chapter 11 protection

USA Today 11/14/2020

Guitar Center announced that its plans to file for Chapter 11 protection after reaching a deal to reduce its debt with investors and lenders. The retailer, which operates 300 Guitar Center and more than 200 Music & Art stores, is not expecting to make major cuts to its store count, even as it said it has hired a real estate firm “to explore opportunities to optimize its real estate portfolio and other agreements to focus on investments that best position the Company to return to its growth trajectory prior to COVID-19.”

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