But outside in Times Square, the LED news tickers were telling a different story. On Tuesday, Gibson Brands, Inc – with the biggest product line in the guitar business – filed for bankruptcy, succumbing to an estimated $500m debt load and a failed reinvention in 2014 as a “lifestyle brand”.
Now I know things are really bad.
Troubles in the land of the six-string are not restricted to Gibson. Ten years post-recession, the guitar industry in the US continues to bob, with the 2,633,000 units sold in the United States in 2017 about 5% short of where things stood in 2008, according to Music Trades magazine. The heavyweight retailer on the American scene, Guitar Center, carries $1.6bn in debt.
And here, too.