Is Kalamazoo Guitar Center Part Of The Next Bankruptcy?
We've seen the decline of western civilization as it pertains to retail. Most blame the phenomenon on online shopping and companies not willing to change to draw the new buying power. Some of the victims were inevitable; especially the big department stores like Sears and JCPenney. Then there was Toys R Us, Bed, Bath and Beyond, Payless Shoes, the list goes on and on. And then there are those that get absorbed by the competition like Office Max. So what's next? Well, there are several icons that are struggling and one of them is Guitar Center.
According to finance101.com, Guitar Center is on the brink of bankruptcy with less than a year to refinance a debt of $900 million and there are little or no positive signs on the horizon. Should we be surprised though? I mean, who's buying guitars anymore? With everything online, nobody is forming bands these days and even if they did there are fewer and fewer places to gig. We've seen the inevitable happening so I for one am surprised they lasted this long.