Guitar Center Heading Towards Bankruptcy

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HOUSTON (CW39) –  Love guitar? The country’s largest musical instrument retailer could go bankrupt amid the ongoing COVID-19 pandemic.

According to new reports, Guitar Center missed a $45 million interest payment earlier this month and could file for bankruptcy in November. The company is about $1.3 billion in debt despite sales of more than $2.3 billion in the last fiscal year.

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They’re not the only business facing economic troubles. Here’s a list of closures and bankruptcies with a history of locations in Houston:

The bankruptcy filing comes as the number of laid-off Americans seeking unemployment benefits increased last week for the first time since the pandemic hit in March, an indication of the deepening economic pain the virus is having on the economy.

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