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Gibson, After Light Pruning, Plans Global Layoffs

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Hundreds of Employees Facing Pink Slips

Gibson CEO Juszkiewicz
Gibson’s CEO Henry Juszkiewicz

Gibson Brands, a major provider of musical instrument and consumer electronics products, is in the midst of a widely reported liquidity crisis. With more than $500 million dollars in notes coming due late this summer, the company is seeking a knight in shining armor to ride in on a white horse with a big bag of money to refinance the company’s crushing debt.

To make the company appear attractive to a lender or investor, at the end of February the company sold off its shuttered Cakewalk division and laid off about 15 employees from its famous Custom Shop. Now we learn the company is planning more substantial layoffs across the board.

See more on this latest development at Gibson… [Read more…] about Gibson, After Light Pruning, Plans Global Layoffs

Gibson Sells One Division & Cuts Staff in Another

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Famous musicians using Gibson guitarsThe news and events surrounding troubled guitar and consumer electronics company Gibson Brands, Inc. seem to be moving at a rapid pace with almost daily revelations as the company struggles to survive ahead of a massive debt due-date just a few short months away. We learned over the last few days that Gibson has sold their recently shuttered Cakewalk Inc. division and laid off staff in their famous Custom Shop operation.

See more about the continued dramatic developments surrounding Gibson… [Read more…] about Gibson Sells One Division & Cuts Staff in Another

CEO Says Gibson Will Dump Brands

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Financials Show Sales & Profits Continue to Slide

Photo of Gibson CEO Henry Juszkiewicz
Henry Juszkiewicz, CEO

Gibson Brands CEO Henry Juszkiewicz continues to profess confidence that the company will be able to successfully refinance their over $500 million debt before a mid-year maturation comes due. Telling the Nashville Post that the company is going through a little “spring cleaning,” Juszkiewicz says the company already dropped their Cakewalk music software group, and other brands in their portfolio are next to go. But a financial report to bondholders shows continued deterioration of both sales and profits, suggesting that simply pruning a few brands from the portfolio may not be enough to attract new investors or lenders.

See more on the dire situation at Gibson Brands… [Read more…] about CEO Says Gibson Will Dump Brands

Gibson Stuns the Music World, Shuts Down Cakewalk

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Acquired in 2013, Cakewalk was Killed for Philips, Gibson Says

Cakewalk logoIn what many in the industry are suggesting is yet another indicator of struggles at Gibson Brands, the company announced a little over a week ago that it would wind down operations at Cakewalk Inc., a popular music creation software company it owns. Music industry-centric websites around the internet exploded with largely critical coverage of the move, and comments on Cakewalk’s website are decidedly negative – both sad and angry – as customers seek to process the shocking news.

See more on yet another move by struggling Gibson…

[Read more…] about Gibson Stuns the Music World, Shuts Down Cakewalk

Gibson Brands Continues to Show Signs of Strain

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Downsizing Factory & Dilution of Onkyo Ownership

Logo for Gibson BrandsRecent developments have thrust Gibson Brands back into the spotlight once again – a spot that CEO Henry Juszkiewicz doesn’t particularly enjoy, unless he’s there on his own terms. But this time, two tidbits of news have conspired to bring Gibson, and their financial challenges to the fore. And as we try to digest all of this, it’s clear that Gibson is continuing to show signs of strain due to sluggish results from its aggressive diversification into consumer electronics jeopardizing its ability to deal with looming huge debt payments on the loans used to acquire CE brands.

See the news that shines a light on Gibson’s troubled financial position… [Read more…] about Gibson Brands Continues to Show Signs of Strain

Gibson Brands Opens Showroom in Tokyo

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Photo of exterior of Gibson's Tokyo ShowroomGibson Brands (née Gibson Guitars) announced last week that it has opened a showroom in Tokyo, Japan that it calls a “pioneering music lifestyle concept showroom.” Although Gibson Brands owns many different brands, this particular showroom focuses on just three of them: Gibson Guitars, TEAC and Onkyo.

See more on this unique showroom… [Read more…] about Gibson Brands Opens Showroom in Tokyo

Gibson Brands Goes ‘Back to the Future’ to Celebrate 120 Years

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Photo of Gibson CES Promo

Gibson Brands took advantage of the Consumer Electronics Show in Las Vegas to make a bit of a show of their own to celebrate 120 years in business. The company, which serves up 23 different brands of musical instruments, professional audio products and, more recently, consumer electronics products, chose a unique way to mark the occasion by going “Back to the Future.”

See more on how Gibson chose to celebrate their 120-year anniversary… [Read more…] about Gibson Brands Goes ‘Back to the Future’ to Celebrate 120 Years

Gibson Guitar’s Weissburg Gives the ALERT a Status Update

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Onkyo Logo<March 28, 2012> Earlier this month, the ALERT reported that ex-D&M President Bob Weissburg had joined Gibson Guitar as its global executive vice president. While Weissburg was said to have responsibilities over the entire organization, his focus is primarily on Gibson’s audio and pro businesses which are growing largely as the result of several acquisitions by the company, including Onkyo’s U.S. subsidiary, Onkyo USA. [Read more…] about Gibson Guitar’s Weissburg Gives the ALERT a Status Update