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Share it UPDATE: Dec. 23, 2020: Guitar Center has emerged from Chapter 11 bankruptcy after a reorganization deal that added new equity and debt capital, and boosted the retailer's liquidity, according to a press release. Following the transaction, the company has added Brigade Capital Management and The Carlyle Group to its roster of owners.  "We are excited to have gained the financial and operational flexibility we need to reinvest in our business and support our long-term sustainable growth, allowing us to deliver on our mission of putting more music into the world," Guitar Center CEO R...

UPDATE Guitar Center in Silver Spring will close as of Jan. 3, according to a statement from the company. “As part of our ongoing business processes and after careful consideration, Guitar Center has made the decision to close our retail store in Silver Spring, MD, effective January 3rd,” the news release stated. ___________________________ Guitar Center, which has stores in Rockville and Silver Spring, announced Thursday that the U.S. Bankruptcy Court for the Eastern Division of Virginia approved its restructuring plan during a virtual hearing and the company hopes to emerge from Chapter...

By Jonathan Randles Guitar Center Inc. has been cleared to exit bankruptcy with a plan to cut about $800 million in debt and provide the nation's largest seller of musical instruments with an infusion of cash to navigate the pandemic and holiday shopping season. Judge Kevin Huennekens of the U.S. Bankruptcy Court in Richmond, Va., said Thursday he would confirm Guitar Center's prepackaged chapter 11 plan, paving the retailer's path to get in and out of bankruptcy in less than a month. Guitar Center, which entered chapter 11 with more than $1.3 billion in debt, anticipates emerging...