Guitar Center files for bankruptcy, but will stay open for business - Business Insider

it had closed 75% of its stores during nationwide lockdowns. Social-distancing efforts and stay-at-home measures have forced storefronts across the US not deemed essential businesses to temporarily close.

With nearly 300 storefronts across the US, Guitar Center heavily relies on in-person sales to stay afloat. Although the company has an online store for purchasing musical instruments, it's been forced to offer alternatives — like virtual music lessons — during the pandemic to try to reverse its economic downturn.

According to its bankruptcy filing, Guitar Center said it had secured $165 million in new equity investments, and intends to reduce its debt by $800 million. The company will continue to pay its employees and operate its storefronts as normal during the Chapter 11 process, Guitar Center said. Guitar Center is not the only retailer to have to file for bankruptcy during the pandemic. Both Century 21 and Lord & Taylor filed for bankruptcy this year, and made the decision to go out of business and close their storefronts. Other retailers like Muji, Brooks Brothers, JCPenney, and Pier 1 have also filed for bankruptcy in recent months.

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