For over 100 years one of the forewords in the guitar industry was Gibson. Their iconic guitars have been played by some of the biggest rock stars all around the world, but now the company is in ruins and have now declared for bankruptcy.
Despite CEO Henry Juszkiewicz attempting to assure fans that the debt was run of the mill, he then suggested the situation was more likely a ‘internal coup’ in a bid to wrestle ownership.
Juszkiewicz, who has been the CEO of Gibson since 1992 having acquiring the company in 1986, knows all to well of the difficulties involved in retail, now more than ever before. It’s their inability to thrive that has seen the company filed for Chapter 11 bankruptcy protection as it seeks to “change ownership”.
The ongoing dispute between the shareholders and current CEO has been long-running and it seems to have finally come to a decisive action and one that will not benefit the brand. As current stockholders including CEO Henry Juszkiewicz are now having to switch ownership of the company to its lenders, which include investment firms like Melody Capital Partners and Silver Point Capital.
But how did Gibson reach this point? TechStuff break it down in brutal detail in their latest podcast, listen here: