Yikes, we didn't see this coming.
According to New York Times, Guitar Center could file for bankruptcy by November, having missed an interest payment of roughly $45 million earlier this month. The company has is nearly at a $1.3 billion debt and with the COVID-19 pandemic, the situation become worse.
The New Times reports that this is the company's second encounter with bankruptcy this year. In April, Guitar Center missed another interest payment but avoided bankruptcy due to debt exchange. Guitar Center reps say online sales are strong and the company began reopening select storefronts this past July.
Guitar Center opened in 1959 and runs 300 stores across the United States as well as 200 associated outlets.
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