Legendary guitar maker Gibson files for bankruptcy

Gibson sells more than 1,70,000 guitars a year in more than 80 countries, according to the bankruptcy filing. Pics/AFP

Gibson guitars have been such a fixture in music history that Chuck Berry was laid to rest with his, B.B. King affectionately named his "Lucille," and Eric Clapton borrowed one from George Harrison to play the solo on the Beatles' "While My Guitar Gently Weeps."

The maker of the iconic instrument, a constant across generations of American music, filed for bankruptcy protection on Tuesday after wrestling for years with debt. The decision came with an assurance from Gibson that it will refocus on its specialty, musical instruments, and move away from its debt-plagued push to sell home electronics.

In the hands of musicians from Jimmy Page to Duane Allman and Slash, Gibson's electric guitars have been a foundational element of blues and rock. "It's hard to name any guitar players who play electric or steel-string acoustics who don't own a Gibson," said George Gruhn of Gruhn Guitars, a world-famous vintage instrument store in Nashville. Gibson sells more than 1,70,000 guitars a year in more than 80 countries, according to a bankruptcy filing. The pre-negotiated reorganisation plan filed on Tuesday will allow Gibson Brands Inc. to continue operations with $135 million in financing from lenders.

1894
Year when Gibson was founded

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