Gibson Files For Bankruptcy
CEO Henry Juszkiewicz may be working on a new tag line for the company:
Open mouth, insert foot.
"There are problems with the guitar retail industry," the CEO of Gibson recently said to BillBoard Magazine (February 2018), "...all of the retailers are fearful as can be; they're all afraid of e-commerce" and he went on, "...[The industry is] stuck in a time warp, and the 'purists' have a very loud voice on the online forums...Those guitars from the 50s are what the purists want, but we have to have something new and exciting."
Hey, watch it there Juszkiewicz - those are our customers you're talkin' about!
Anyway, earlier today (May 1, 2018) Music Radar reported on the Gibson bankruptcy:
"The restructuring will give lenders equity in a new company, and allow Gibson to 'unburden' itself of its consumer electronics division, (including the likes of Philips, TASCAM and Onkyo)..."
Hold on a sec, Henry. Two short months ago you said my customers were the cause of Gibson's demise - and today Music Radar reminded us that Gibson was gonna:
"...sell off its iconic Memphis factory back in October 2017, which was followed by a no-show at Winter NAMM in January, in order to focus on Gibson Brands' efforts at Las Vegas's Consumer Electronics Show."
No to mention, right around that same time you were sharing your real feelings about Gibson's good ol' fashioned audience with Billboard, Music Radar shared that your:
"...current strategy [was] to “focus [Gibson's] Philips brand consumer audio business on those products that have greater growth potential” - [Gibson's] audio brand roster currently includes KRK Systems, TASCAM, Cerwin-Vega!, Stanton, Onkyo, Integra, TEAC, TASCAM Professional Software, and Esoteric."
There's a hole in my story dear Liza, dear Liza.
There's a hole in my story dear Liza, a hole.
Then fix it dear Henry, dear Henry, dear Henry.
Then fix it dear Henry, dear Henry Juszk-fix-iewicz-it!
Must confess that Juszkiewicz is way too easy of a target right now, and we can't act like we'd know how to run a billion dollar company, either. Who knows, maybe it's no one's fault and everyone's fault all in one. Maybe Philips employees were just spending way too much time on the Vintage Gibson forums.
Here is another article on the Gibson saga worth checking out:
Comment below if you have an opinion on all this. At what point do you think all the fixing started all the breaking?
Anyone else craving chocolate and peanuts right about now?
Photo credit: http://buttonmuseum.org/buttons/oh-henry