Gibson money woes

laying off the high end luthiers first ....another wrong chess move by the unpopular CEO if Gibson?

maybe hes driving the company into the dirt. I dont see how laying off 15 Luthiers will save his $500 million debt?
but whaddo I know?


ADD - 12-15% layoff and debt due in July-Aug, half a billion owed....investors want the CEO out.
Gibson has several thousand employees, many of whom work in Nashville. The company also employs a considerable workforce of subsidiary brands, all of which operate under the Gibson Brands, Inc. umbrella.

Epiphone is probably the best-known wholly-owned Gibson subsidiary, though other divisions include KRK Systems, TEAC, Cerwin-Vega, Stanton, Onkyo, Dobro, Kramer, Steinberger, Tobias, Echoplex, Electar, Flatiron, Slingerland, Valley Arts, Maestro, Oberheim, Baldwin, Sunshine Piano, Take Anywhere Technology, J&C Fischer, Chickering, Hamilton, and Wurlitzer.
 
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I'm tired of their subscription blocks. I understand they need cash for these articles, but 95% of magazines don't hold the articles hostage. Big donors, who can afford it, need to support them. Or small donations from middle incomers. I'll try and find it elsewhere and post.

---------- Update ----------

Gibson guitar company files for bankruptcy

- "It will liquidate its consumer electronics business, which sells headphones, speakers and accessories, while reorganizing its musical instruments and professional audio business, which has been more stable. "
 
Gibson Brands Products

That sounds like a overdue move. Its like McDonald Burgers and they start trying to get into the Guitar business..

Gibson owns KRK monitors so it looks like that will remain or be removed?.(getting rid of headphones and speakers but keeping ProAudio?) ...or this will fold up too as guitar sales drops?

Its still interesting then, if they are getting back to the core business of Guitars, why the first move amonth or so ago was they let go the Gibson Custom high end group of workers...or was that the current Henry CEO mistake too?

add:
Gibson files for bankruptcy, plans to dump audio brands | What Hi-Fi?

so this includes KRK as being dumped in the bankruptcy, Cerwin Vega and TEAC..and others.
that answers that question.

this contradicts the other journalist though?

As part of this negotiation, Gibson has filed a pre-arranged bankruptcy filing that it says will allow the company’s Musical Instrument and Professional Audio businesses “to continue to design, build, sell, and manufacturer legendary Gibson and Epiphone guitars, as well as KRK and Cerwin Vega studio monitors and loud speakers [sic], without interruption.” The company says the agreement provides funding for these continuing operations while also supporting the company’s key vendors, shippers and suppliers. It also, the company says, provides for “a restructuring of the Company’s balance sheet.”

Gibson Brands Files for Bankruptcy - Strata-gee.com
 
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