Iconic guitar maker Gibson Brands on Tuesday filed for bankruptcy protection, although it said it had struck a deal with creditors that would let it continue manufacturing musical instruments. Gibson also makes Baldwin pianos, Wurlitzer organs, and other widely recognized brands. The company's sales slipped as popular music was increasingly made with computers, rather than the guitars it made for such music legends as Elvis Presley, Keith Richards, and blues great B.B. King, whose beloved guitar Lucille was his trademark for years. Gibson has 22 percent of the market for electric guitars, and 40 percent for $2,000-plus guitars, including its Les Paul model. The company said its restructuring plan calls for killing its innovations division and focusing on its core instruments. [USA Today] |
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