Guitar Center, the largest musical instrument retailer in the U.S., has filed for Chapter 11 bankruptcy, joining a long line of stores, gyms, and entertainment brands forced to restructure or shut down during the pandemic. Guitar Center says it intends to stay open, and its CEO calls the bankruptcy filing a “positive step in our process to significantly reduce our debt and enhance our ability to reinvest in our business to support long-term growth.” Guitar Center has about 300 stores, many of them anchoring malls that have seen foot traffic dwindle during the crisis.
