USA's Largest Music Market Bankrupts

USA's Largest Music Market Bankrupts USA's largest music market bankrupts. Guitar Center, a musical instrument retailer, filed for bankruptcy on Saturday. Guitar Center, the largest musical instrument retailer in the United States, filed for bankruptcy on Saturday, pursuant to Article 11 of the US bankruptcy law, after its customers chose to shop online due to the coronavirus outbreak. Guitar Center, which has been meeting with the institutions it owes to restructure its debt, which is currently 375 million dollars in total, wants to borrow another $ 335 million with secured debt securities. Guitar Center was founded in 1959 by Wayne Mitchell. While selling organs in the early days, later started selling guitar amps and guitars. The company opened its second shop in 1972 in San Francisco. Having made brand deals with famous guitarists in the 1980s, Guitar Center went public in the same year after they issued a credit card in their own stores in 1997. The company, which sponsored many festivals, concerts and events after the 2000s, was known as the largest musical instrument retailer in the USA.