Guitar Center Might get Unplugged Permanently
Guitar Center might be the latest in a long line of businesses that have had to file for bankruptcy this year due to financial hardships brought on by the coronavirus. According to Guitar.com, Guitar Center is the largest musical instrument retail chain in the country with almost 300 stores including one location on Wolf Road in Colonie. It was founded 61 years ago as The Organ Center, selling electronic organs, and eventually changed the name to Guitar Center to take advantage of the rock music surge in the '60s.
I would hate to see Guitar Center close. Personally, I've bought several instruments there including a Ukulele for my daughter and a guitar amp for myself. Also, in the past, I've attended guitar workshops at their locations.
Guitar Center employed a lot of local musicians that were a wealth of knowledge when it came to instruments or repairs. Unfortunately, Guitar Center had to furlough 9000 employees due to shutdown. Also, the fact that there hasn't been any live music in bars, restaurants, and full concerts I'm sure has hurt them a lot.
The ironic part about Guitar Center facing the possibility of closing their locations is that tons of people decided to learn to play an instrument during the coronavirus lockdown. Heck, I've even played my guitar a lot more in the last six months and purchased strings, cords and tubes for my guitar amp there. I guess it just wasn't enough.
According to the New York Times, Guitar Center missed a $45 million dollar interest payment earlier this month and that set the bankruptcy ball rolling. There is still a chance that they could restructure some debt and keep from closing their locations, but according to experts, it doesn't look good.