May 02, 2018
By Andy Johnson
The maker one of the most iconic brands in music, the Gibson guitar, is filing for bankruptcy protection after years of wrestling with debt.
Gibson was founded in 1894 in Nashville, has the top market share in premium guitars, sells more than 170,000 each year in more than 80 countries and owns 40% of the market for all electric guitars that cost more than two-thousand dollars.
So far the company has sold off some non-core brands that were contributing to its burdensome debt load. The company’s President and CEO says the decision to re-focus on the company’s core business will assure the company’s long-term stability and financial health.
Legendary musicians from B.B. King to Eric Clapton to Jimmy Page all played Gibsons. King’s signature guitar, “Lucille,” was a Gibson.