Gibson guitar company facing bankruptcy

[Fredenando]

Gibson guitar company, maker of the Les Paul, facing bankruptcy after 116 years in business



http://www.ajc.com/news/national/gibson-guitar-company-maker-the-les-paul-facing-bankruptcy-after-116-years-business/OlaIEYdtLEv1rP92RvZFrM/

[deltafred]

Just heard it on the radio, very sad to see such an major name in the music that I grew up with in danger of disappearing.

I still have a 71 SG Special that I gigged for about 10 years, I retired it before it needed a refret. I am back on bass now but will probably never sell it, it just feels so good whenever I pick it up.

[Ice-9]

A friend and I went to try some Les Paul's last weekend as he fancied buying one, the guy in the music shop mentioned Gibson going bankrupt and I laughed it off as ridiculous. The very next day I read on the net it might be happening. So my apologies to this salesman..

What seems to be happening is that the bonds that large business like Gibson use to finance the company are about to mature and that means they have to pay what is due and re finance, it is quite common business practice and hopefully they will have it all sorted by the time re financing is due.

On the other hand all the Les Paul guitars we tried were crap, I was so surprised that they leave the factory as bad as ALL these examples were. These were all 2018 models and every guitars pickup toggle switch did not work properly being crackly and some having a selection not working at all,(this was even on the 5k custom models). The action was so high they were unplayable, only one example felt reasonable to play. Ok most of the issues were just the need for a decent setup, but when I walk into a shop and intent to spend my friends £2.5k on a guitar I do expect the guitar to be set up and reasonably in tune. You could say that the shop should set these guitars up but I think they should all be decent direct from the factory at this price tag.

No wonder Gibson are going out of business.

I still want a Les Paul myself in all honesty, but I will find an older used one that isn't the crap they are churning out now.

[Manfred]

It had been predicted to me.
From what I heard, a Gibson delegation visit at the Frankfurt Music Fair, some exhibitors who presented their Gibson Style Guitars
and it was prohibited to them a further sale and advertisement of these instruments, even some instruments were allegedly seized.
I can't remember when I first heard about exactly, but goes back not more than three or four years.
Maybe it could have been an attempt to stop competitors to secure more market share.
Without more information it would be just a pure speculation, but who knows what is truth.

[Dirk_Hendrik]

Another classic case of what happens when a company built by craftsmen with love for their product falls in the hands of businessmen who have "learned" that the fantastic skills they have apply to "any product". Nothing is further from the thruth....

[snofla1900]

I absolutely agree with Dirk's statement.
Still love my Gibson les Paul from 1975. Although it's not from their most successful period it's a great guitar.

I would be sad to them go.


Alf

[CHEEZOR]

Meh, I love the way a Les Paul looks, but I have yet to play any Gibson that I thought was an amazing guitar or even worth it's price tag. Just my two cents... You can get much better guitars for less money. Unfortunately, that is not the reason they are going bankrupt.

But don't worry, the brand will continue. Someone will buy them if they completely fail. Gibson guitars will always be a thing for the foreseeable future. Who knows, they may even start producing decent instruments.

[Ice-9]

Meh, I love the way a Les Paul looks, but I have yet to play any Gibson that I thought was an amazing guitar or even worth it's price tag. Just my two cents... You can get much better guitars for less money. Unfortunately, that is not the reason they are going bankrupt.

But don't worry, the brand will continue. Someone will buy them if they completely fail. Gibson guitars will always be a thing for the foreseeable future. Who knows, they may even start producing decent instruments.

Yeah, I was thinking of waiting till they go under then buy the company for a $1, select the best playing Les Paul they have for myself (after all I would own the company) so could treat myself), then sell the company on for $2. Lol

Seriously though, I would expect they will get re-financed or sold on, I would like to see it sold to someone who actually knows about the industry and can fix the crap quality of the guitars they chur out at overly inflated prices. It would be a sad to see Gibson as a manufacturer disapear altogether.