Gibson guitars (TEAC, Onkyo) files for bankruptcy (1 Viewer)

[Dennis Nicholls]

Sorry this is behind the WSJ paywall. Other media will probably post later in the day.

https://www.wsj.com/articles/guitar-maker-gibson-brands-files-for-bankruptcy-1525177170

The Nashville-based maker of Gibson Les Paul guitars has been struggling with debt it took on to finance acquisitions of home-entertainment and audio-equipment makers years ago. Among businesses the company has added are some of Royal Phillips’s home-entertainment systems, TEAC and Onkyo stereos.

I wonder why they thought buying up electronics makers was a good idea.

 

[jcroy]

Hubris?

Wonder if the original C-level executives which green-lighted these acquisitions, were actually audiophile types with stars in their eyes and/or were into "empire building".

 

[Dennis Nicholls]

This article says Onkyo USA wasn't owned or part-owned by Gibson for some time.

https://hdguru.com/business-as-usual-for-onkyo-as-gibson-files-chpt-11/