Guitar Center is filing for Chapter 11 bankruptcy, the latest company to go bankrupt during the pandemic that has decimated America’s retail sector.
The 61-year-old company — the biggest musical instrument retailer in the United States — had tried to stay afloat during the coronavirus pandemic by offering virtual music lessons. But Guitar Center was forced to close many of its stores in March during nationwide lockdowns, and it struggled to get customers to buy instruments as the economy headed south.
Stores like Guitar Center depend on people making discretionary purchases have been among the worst-hit retailers this year. The company has nearly 300 locations in the United States, many of which are in strip malls that had been struggling long before Covid-19.
Source: CNN
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