Guitar Maker Gibson Files for Chapter 11

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Getty Images

The company  that makes Gibson guitars and Baldwin pianos may soon face the music,  financially speaking. On Tuesday, Nashville-based Gibson brands filed  for Chapter 11 bankruptcy protection amid what it calls a "devastating"  financial fall. 

The company, founded in 1894, said it would kill its  Gibson Innovations unit, which makes Philips-branded headphones, speakers and other electronic accessories. However, it added in the  filing that it plans to continue designing, building and selling such  iconic musical instrument brands as Wurlitzer, Dobro, Epiphone, KRK, and  Cerwin Vega. 

Source:  USA Today

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