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Guitar Center laid off 180 of its 7,000 employees in 2015; by 2018, the retailer was said to be on the verge of bankruptcy due to unsustainable debt loads and the decreasing popularity of musical instruments. [151] The company eventually filed for bankruptcy in November 2020. [152] [153]
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.
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By 2005, Music & Arts Center was operating 60 retail locations and 7 educational support centers throughout the mid-Atlantic and Southeast. [3] On February 9, 2005, Guitar Center announced the acquisition of Music & Arts Center and its plans to merge Music & Arts Center with its American Music Group division of band and orchestral instrument ...
In late 1990 the store was destroyed by fire. Underinsured, McGuire and Carness found it necessary to sell the store and concentrate on the manufacturing side of the business. In an attempt to expand their business, in 1992 they sold half of Valley Arts to the Korean guitar manufacturer Samick. One year after, Samick bought the whole company. [1]
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