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U.S. retailer Guitar Center files for bankruptcy

11/22/2020 | 01:46pm EST

Guitar Center filed for Chapter 11 bankruptcy over the weekend, as music lovers moved their shopping online and health restrictions forced many of the company's nearly 300 stores to close.

Guitar Center had already been struggling with plummeting foot traffic in malls across the country, and a worsening U.S. economy this year has taken a toll on the kind of discretionary spending Guitar Center depends on.

Earlier this month, the company reached a restructuring agreement with key shareholders that includes debt reduction by nearly $800 million and new equity investments of up to $165 million to recapitalize the company.

Guitar Center began in 1959 as a store selling home organs in Hollywood and grew into the largest retailer of music instruments and equipment in the United States.

As it seeks to carry out a restructuring plan, Guitar Center said business operations will continue without any interruption, so there will still be stores to play "Stairway to Heaven" in... if you dare.

© Reuters 2020
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