Gibson insists this isn’t the end
Gibson guitars have been such a fixture in music history that Chuck Berry was laid to rest with his, B.B. King affectionately named his “Lucille,” and Eric Clapton borrowed one from George Harrison to play the solo on the Beatles’ While My Guitar Gently Weeps.
The maker of the iconic instrument filed for bankruptcy protection earlier this week after wrestling for years with debt. The decision came with an assurance from Gibson it is refocusing on its specialty, musical instruments, and moving away from its debtplagued push to sell home electronics.
In the hands of musicians from Jimmy Page to Duane Allman and Slash, Gibson’s electric guitars have been a foundational element of blues and rock.
Legendary jazz guitar player Charlie Christian made history playing a Gibson ES-150 — one of the first ever electric guitars — through an amplifier with the Benny Goodman orchestra. The later big-bodied Gibson jazz guitars have been in the arsenal of many great players since then, such as Wes Montgomery and Joe Pass.
“It’s hard to name any guitar players who play electric or steelstring acoustics who don’t own a Gibson,” said George Gruhn of Gruhn Guitars, a world-famous vintage instrument store in Nashville, Tenn.
One of the only known photographs of iconic Delta blues pioneer Robert Johnson shows him with a Gibson L-1 guitar.
And the folk revival of the 1950s and 1960s would not have sounded quite so mellow without battalions of steel-string Gibson acoustic guitars among the Martins and Guilds.
And Page, the legendary Led Zeppelin guitarist, was and remains a longtime Gibson loyalist. David Bowie favoured the 1989 Gibson L4 when he fronted Tin Machine. Slash swears by them.
Gibson, founded in 1894, has the top market share in premium electric guitars. It sells more than 170,000 guitars a year in more than 80 countries, including more than 40 per cent of all electric guitars that cost more than $2,000, its bankruptcy filing says.
The pre-negotiated reorganization plan will allow Gibson Brands Inc. to continue operations with $135 million in financing from lenders.
Gibson has already sold off some non-core brands, acquisitions that contributed to its debt load. Gibson has begun the liquidation process for its struggling international Gibson Innovations division, which sells headphones, speakers, accessories and other electronics.
“The decision to refocus on our core business, musical instruments, combined with the significant support from our noteholders, we believe will assure the company’s long-term stability and financial health,” said Henry Juszkiewicz, Gibson chairman and CEO.