Guitar Center Could Be the Next Retailer to Close it’s Doors in Rockford Thanks to Bankruptcy
It's been a tough year for retail chains in Rockford. Sites like Amazon, Ebay and Etsy have had somewhat of a hand in shuttering the doors of some of our favorite places like Gordman's, Toys R Us, Kmart and Bergner's.
People just aren't shopping like they used to; and it turns out, the music industry is no different.
Much like shopping, music can be created with computer software and fancy editing programs, doing away with the need for musical instruments. When you don't need instruments, you don't need stores like the Guitar Center.
According to Digital Music News, the place where I would shamelessly flirt with hot dudes in bands whenever I'd visit friends who worked there, is facing imminent bankruptcy.
Currently, the Guitar Center is "juggling" more than $1 billion in outstanding loans, potentially putting the chain of 280 stores into a major crisis.
Gibson Guitars is also feeling the pressure as they try to manage their own debt obligations of $500 million. A senior credit officer with at Moody's Investor Service says, "This year is critical and they are running out of time — rapidly, and if this ends in bankruptcy, [Gibson CEO/owner Henry Juszkiewicz] will give up the entire company.”
Friends of mine in the music business are sad about the news, but they could see the writing on the wall. Going there to purchase the things they need, when they really have to, just isn't the same.