Guitar Center could be the next major retail chain to declare bankruptcy during the pandemic.
According to reports, the company missed a $45 million interest payment earlier this month and could file for bankruptcy in November.
Guitar Center is the country’s largest musical instrument retailer, but is about $1.3 billion in debt, despite sales of more than $2.3 billion in the last fiscal year.
Guitar Center miss $45 million payment, may file for bankruptcy next month: https://t.co/UYF3y6crJq
— Loudwire (@Loudwire) October 26, 2020
How much of your shopping is done online vs. in brick-and-mortar stores?
Subscribe to X96's News!
Get the latest music news, contests and flyaways, and more straight to your inbox with our weekly emails.