BOZEMAN – Gibson Brands, Inc., famous for their world-renowned guitars, announced today the company is filing for chapter 11 bankruptcy and hopes to refocus after a mounting decline in sales.
Court documents state that Gibson could be close to $500 million in debt, but the bankruptcy claim won’t affect the acoustic guitar manufacturing branch here in Bozeman.
Gibson spokesman Seth Lubove said in a statement to MTN news that “Gibson has a long heritage of making high-quality musical instruments in Bozeman and continues to enjoy a significant market share. Operations will continue as normal.”
Gibson’s musical instrument business employs more than 875 employees and has been in business since 1894.
Due to the bankruptcy filing, Gibson says it will be winding down its “Gibson Innovations” brand, known for creating Phillips-brand electronics.
Reporting by Kaitlin Corbett for MTN News