The Wall Street Journal reported that guitar-maker Gibson filed Chapter 11 as it has faced difficulties brought about by failed acquisitions.
According to the Journal, the company faltered after acquiring the Philips brand consumer-electronic business and intends to return to its core business, musical instruments. The company also owns Baldwin pianos, Wurlitzer, Hamilton brands and several other musical instrument brands.
The Journal added that the company’s bondholders are providing $135 million in financing to help Gibson get through bankruptcy.
