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Rating Action: Moody's assigns B3 rating to Guitar Center's $200 million senior secured notesGlobal Credit Research - 10 Mar 2022New York, March 10, 2022 -- Moody's Investors Service ("Moody's ...
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Guitar Center Inc. (NEW)Global Credit Research - 26 Mar 2021New York, March 26, 2021 -- Moody's ...
On Friday, Guitar Center announced it was planning to file for Chapter 11 bankruptcy, and a prepackaged plan could be approved as early as this weekend. The move is part of the music instrument…
Guitar Center was founded in Hollywood in 1959 by Wayne Mitchell as The Organ Center, a retailer of electronic organs for home and church use. In 1964, after a supplier required him to carry Vox guitar amplifiers, to continue receiving organs, Mitchell added the amplifiers to his inventory and renamed the store The Vox Center, leveraging the Beatles association with the Vox brand.
Liquidity was raised to about $1B after a loan and additional financing were secured. Bed Bath & Beyond's stock was also down on the market by 28%. Analysts warned that the company was teetering on the edge of a Chapter 11 bankruptcy filing, citing that it could be too late to turn things around and that the company could default on its debt. [40]
Mike Pratt was the Chief Executive Officer of Guitar Center Inc. in 2013–14. He replaced Kevin Layden and managed both the Future Shop and Best Buy brands. He joined Best Buy Canada in 1990 as a Future Shop sales representative upon graduation from the University of Ontario.