Henry Juszkiewicz, CEO assigns blame to the music stores and not being competitive in the modern world. Gibson was reported is near bankruptcy due to large debut and sluggish sales. The CEO said: “There are problems with the guitar retail industry,” he said. “Amazon just becoming the second largest employer in the U.S., and the brick and mortar guys are just panicking. It’s a turbulent world to be a retailer.”
He said Gibson has long protected their sales partners by refusing to have an online store. Gibson began making guitars in 1894. Its popular Les Paul electric debuted in 1952, is one of the bestselling guitars of all time. MORE: STORY: HERE
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The company has $145 million in outstanding bank loans that will come due on July 23 and another $377 million of outstanding secured notes.
