The famous guitar brand Gibson which is known for selling such classic guitar models as the Les Paul and the SG nearly collapsed due to bankruptcy this year.

Gibson is a guitar company that started making guitars back in 1902. They have since then become a very popular brand for many famous guitar players such as Jimmy Page (“Led Zeppelin”), Keith Richards (“The Rolling Stones”) and Angus Young (“AC/DC”).

Lately, the prices for their signature guitars the Les Paul ($2,999) and the SG ($1,299) have gone up and craftsmanship has gone down with people who have bought the 2016 Les Paul Traditional having said that the volume knobs on their guitars were cracked or when picking up their guitars they had scratches in the paint.

Bad craftsmanship and the price increase have been some of the reasons for Gibson’s bankruptcy, but how did they fix it?

First, they stay more in the market of fretted instruments since most of their financial difficulties came from an attempt to make consumer electronics; next they would take away most of their CEO Henry Juszkiewicz’s ownership shares and his authority as CEO. After all of this is done, the company will be run by it’s bondholders Kohlberg Kravis Roberts and Co. and Melody Capital until further notice.

The band “The SleepRunners” consisting of students from the high school think it is a

good thing that the company is continuing to operate.

Sophomore Marcus Bean, the bass player said, “ I wouldn’t want to see such an iconic company with such iconic guitars fall into obscurity.”

When asked what he thought about the company finding a way out of bankruptcy, sophomore Jerdan Belnap the guitar player said, “It’s a good thing that the company found a way to fix their problem, because it opens a door for people to get nice products from this old company.”

Finally, sophomore Brayton Whiteley, the rhythm specialist said, “Gibson continuing to run is a good thing because they allow other companies to use their guitars for income, such as Guitar center.”   

Since Gibson’s plan to get out of bankruptcy was accepted by the court, their CEO Juszkiewicz has stated that he will step down from the position and become a consultant for the company. As of now, a successor has not been chosen, but with new leadership a possibility it leaves the guitar company a fresh start to rebuild their themselves into the famous manufacturer that it once was.