The First Art Newspaper on the Net   Established in 1996 United States Wednesday, July 18, 2018


Mythical guitar-maker Gibson fighting for survival
In this file photo taken on June 22, 2016 Elvis Presley's limited edition Gibson EJ-200E guitar is displayed during a media preview at Heritage Auctions in Beverly Hills, California. Gibson, whose instruments have been played by the likes of John Lennon and Elvis Presley, is facing serious financial problems that threaten its very existence. Gibson Brands, which also sells audio systems for both professionals and the general public, is working with an investment bank to set up a debt refinancing plan, the company said in a statement. The group has a $375 million debt payment due in early August 2018, the Nashville Post reported. Tommaso Boddi / AFP.


SAN FRANCISCO (AFP).- World-famous guitar maker Gibson, whose instruments have been played by the likes of John Lennon and Elvis Presley, is facing serious financial problems that threaten its very existence.

The mythical company -- in Nashville, Tennessee since 1894 -- on Monday brought in a new financial director, Benson Woo, to try to rescue the ailing group.

Gibson Brands, which also sells audio systems for both professionals and the general public, is working with an investment bank to set up a debt refinancing plan, the company said in a statement.

The group has a $375 million debt payment due in early August, the Nashville Post reported.

"While the musical instrument and pro audio segments have been profitable and growing, they are still below the level of success we saw several years ago," CEO Henry Juszkiewicz said in the statement.

He said the company, as part of a broad review of its business strategy, was continuing to streamline its Philips brand consumer audio business while eliminating some underperforming products.

He said Gibson expects this strategy will lead "to the best financial results the company has seen in its history within the next year," with full repayment of company debt "within several years."

Gibson bought Philips, a Dutch entertainment brand, in 2014 for $135 million.

Gibson produces one of the most prestigious guitar models in the world, the Les Paul.
Among the stars who have played Gibson instruments are the bluesman B.B. King, the Rolling Stone Keith Richards and Jimmy Page of Led Zeppelin.

In 2016, a Gibson Dove -- a flattop, steel-string acoustic guitar that Presley's father had given him in 1969 -- sold at auction for the healthy sum of $334,000.

A year earlier, one of Lennon's favorite guitars -- he used it to compose songs like "All My Loving" and "She Loves You" -- brought in an even more impressive $2.4 million.


© Agence France-Presse





Today's News

February 22, 2018

Exhibition offers a glimpse into the variety and opulence of Spanish still life paintings

US Supreme Court rejects seizure of Iran artefacts from Chicago museum

Monumental matador by Picasso, unseen since 1973, to make auction debut

Marsupial in wolfs clothing: More secrets discovered about the extinct Tasmanian tiger

CIFO and Spanish Ministry of Education, Culture, and Sport announce creation of new art museum in Madrid

Exhibition of Michelangelo Pistoletto's most recent series of mirror paintings opens at Simon Lee Gallery

Spectacular set of German Expressionist prints given to Colby Museum

Michael Hoppen Gallery exhibits a rare collection of vintage silver prints by Daido Moriyama

James Cohan opens an exhibition of two major works by Bill Viola

Mythical guitar-maker Gibson fighting for survival

"Money and Medals: Mapping the UK's numismatic collections" opens at the British Museum

Nineteenth-century Louisiana album reaches $93K at Swann Galleries

Large-scale sculptures and works on paper by Robert Grosvenor on view at Paula Cooper Gallery

National Gallery of Canada resumes state-of-the-art restoration of the Canada Pavilion at the Venice Biennale

Britain's 'Mr. Motorcycle' George Beale appointed Director of H&H Classics

P.P.O.W to represent Joe Houston

Norman Rockwell Museum appoints Ellen Spear as new Chief Philanthropy Officer

The Locks Gallery opens exhibition of works by Lynda Benglis

Rare World War II/Nazi militaria and antique rifles pushed Milestone auction to $750,000

Cosmic Kusama offered at Bonhams Post-War & Contemporary Sale in London

Cal Poly university art gallery opens "The Young Series" by Amy Touchette

The Lyman Allyn Art Museum presents The Coral Reef Project

Delhi's 'lost' Mughal garden reopens as public park

Immersive video installation by John Akomfrah on view at Museo Nacional Thyssen-Bornemisza

Most Popular Last Seven Days



1.- French nudists get cheeky with theme park and museum outings

2.- Galerie Miranda opens exhibition of works by Marina Berio

3.- European police seize 25,000 trafficked ancient finds

4.- Son's tribute to his late father £120,000 restoration of their Rover 95 offered at H&H Classics

5.- The National Gallery acquires Artemisia Gentileschi self-portrait

6.- Thieves steal ancient arrow poison from Rijksmuseum Boerhaave in the Netherlands

7.- Researchers discover the oldest giant dinosaur species that inhabited the Earth

8.- One of J.M.W.Turner's greatest watercolours left in private hands sells for £2 million

9.- Louvre sets up Beyonce and Jay-Z art tour

10.- A 'Japanese tip': the origami art left by diners



Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .

 

Founder:
Ignacio Villarreal
Editor & Publisher:Jose Villarreal - Consultant: Ignacio Villarreal Jr.
Art Director: Juan José Sepúlveda Ramírez


Royalville Communications, Inc
produces:

ignaciovillarreal.org avemariasound.org juncodelavega.com facundocabral-elfinal.org
Founder's Site. The most varied versions
of this beautiful prayer.
Hommage
to a Mexican poet.
Hommage
       

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful