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Discussion in 'The Backstage' started by FutureProf88, Nov 15, 2020.
Did anyone else get emails from Guitar Center and Musicians Friend about filing for Ch 11?
Got an MF e-mail an hour ago no mention of going broke, nor any other days either. ???
Usa today is reporting that..
There was an article in the news a few weeks back about GC filing for bankruptcy protection.
It was only a matter of time...
No, but it’s true. No biggie. Just reorganizing, ie: making someone else pay their debts.
All returns and gift cards and warranties are still honored.
The one by me has shit for stock for years.
how many x's can a company file for bankruptcy?
I see these kinds of posts every 6 months to a year...
I believe chapter 11 can be filed as many times as you like. Others you must wait a certain period of time.
Yeah its just a business move and debt cop out. They'll probably have to restructure their executive staffs which is typical in this sorta thing and probably be forced to release some acquisitions but nothing major will change.
But if you joe consumer files bankruptcy? "Screw off and die in the cold, rainy gutter like the scum you are"- The IRS
If you are not of the GC or MF type, depending on the manufacturer's A, B, or C mark rating, they want you to pick up at least $35K-$50K in merchandised so you can sell them. Items you think might sell at the store. When they do not sell, it is on you to move the product. You can order again once the loan has been paid back.
Music stores that offer rentals have a better chance to stay in biz.
my buddy, that owns a music store, makes all his money on...
The store just gives him the front to run a music school. If he relied on rent/sales of equipment, he would have closed up as soon as he opened. Too many people come in, play instruments, pick your brain for an hour or more, then buy it off Amazon.
He tends to only sell stuff, that you can't get at GC, or Amazon, right off. He carries strings, sticks, etc., though, all the stuff that people walk in off the street to get.
Tell your buddy to look into fulfillment by Amazon. Lots of money to be made.
he's not looking to do mail-order. Then you have to put up w/ all the returns. The people who buy a guitar/amp for 1 gig & return it within the 30 day return policy...
Amazon is very customer sided, when it comes to claims.
2 years ago I was talking to Marshall about becoming a small retail dealer in my town. An actual brick and mortar shop on Main Street. I was approved and all I had to do was purchase $5000.00 merchandise. The main requirement was to have a service capability to handle warranty claims. I couldn’t secure a storefront for what I considered a reasonable lease and gave up on the idea.
I know all of a sudden I get a ton of email from GC lately, and had to call them to get my name removed from the list
Its not mail order. Look into it before dismissing please.
Weren't they supposed to rightfully go under years ago? Great place still if you want to compete with Best Buy.