ROCK BOTTOM AS GIBSON GUITARS GOES BANKRUPT

Gibson was founded in 1902 by Orville Gibson who sold mandolins from a workshop in Kalamazoo, Michigan

In 1935 it launched its first electric guitar, a Hawaiian style model called the EH-150

The firm is best known for its Les Paul model favoured by Eric Clapton and Jimmy Page

Rock and roll pioneer Chuck Berry was buried with his treasured Gibson guitar which was bolted to the inside of his coffin lid

Its guitars have also been played by the likes of BB King, Slash, Santana and Bob Marley

After running into financial troubles it was forced to shut down its Kalamazoo production plant, with Nashville becoming Gibson’s headquarters

In 2017, after further financial difficulty, Gibson revealed it will sell the Nashville HQ

GIBSON, whose guitars have been played by the likes of Eric Clapton, Jimmy Page and Bob Marley, has filed for bankruptcy.

Gibson Brands, which sells more than 170,000 guitars a year, filed for Chapter 11 bankruptcy protection in the US as it struggles to repay debt.

The company, which was founded more than 100 years ago, has been burdened with arrears after taking out loans to finance purchases of home entertainment and audio companies over recent years. It will receive £99m in financing from lenders,

enabling it to continue trading while repaying the debts.

Nashville-based Gibson will get rid of its consumer electronics division which makes Philips branded headphones, speakers and other accessories as part of the restructuring.

Gibson’s most famous guitars are the Les Paul and Flying V and have been played by world famous rock stars like Rolling Stones’ Keith Richards and Guns N Roses’ guitarist Slash.

But changing music tastes in recent years have led to a significant decline in sales at the company.