Gibson guitars have filed for bankruptcy. NPR reports:
The petition, filed on Tuesday, notes that the company currently has up to $500 million in debt and will focus its operations on its musical instruments business, “unburdened by the challenges experienced by [the company’s] separate, primarily non-U.S., consumer electronics business.” That business includes the brands KRK, Cerwin Vega and Stanton, whose lines include studio monitors, headphones and turntables.