Guitar Center raises hundreds of millions in debt and equity after filing for bankruptcy
In November 2020, Guitar Center entered a debt restructuring agreement for $373.0 million in outstanding loans. The company continued operations while raising $335.0 million as part of the restructuring. Earlier in 2020, Guitar Center raised $165.0 million from private equity. Guitar Center debt reached an estimated $1.3 billion in 2020. While COVID-19 (coronavirus) shutdowns triggered the bankruptcy, the company maintained high debt levels for over a decade.
COVID|New Activity|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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