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Why Gibson’s Bankruptcy Will Save the Gibson Brand

Gibson guitars are associated with some of the most famous musicians in history. Eric Clapton, Elvis Presley, David Bowie, Slash, Pete Townshend, Jimmy Page and Bob Marley all used Gibson guitars at some point during their careers. The famous Gibson Les Paul can sell for prices in the thousands of dollars. Despite decades of success, Gibson Brands Inc. recently filed for Chapter 11 bankruptcy. The bankruptcy provides a lifeline for Gibson Brands, Inc by keeping the company in business and by allowing it to restructure its consumer electronics department, Gibson Innovations. The department is taking blame for Gibson’s financial problems. Gibson Innovations sold products such as headphones, turntables and speakers. Under the Chapter 11 plan, Gibson will wind down Gibson Innovations. Chapter 11 Bankruptcy Does Not Mean a Company Is Going out of Business There are common misconceptions about bankruptcy. For example, some people assume that filing for bankruptcy means…
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