Gibson guitars set to emerge from bankruptcy

Hooray!

Gibson is going back to business six months after filing for bankruptcy.

The iconic guitar manufacturer, Gibson Brands Inc., which is a favourite of Jimmy Page, Slash, Carlos Santana and other famous musicians, has a new majority ownership and leadership team that will officially take over the company from next month.

In May this year, the company went into liquidation to deal with a reported $375 million of debt. It also needed to focus on its struggling ‘Innovations’ division that deals in home electronics.

Global investment company KKR will become the majority owner of Gibson. The investors have appointed James “JC” Curleigh, who has previously worked for brands including Mars and Levis, as president and CEO.

Curleigh said in a press release: “As a musician, I have always treasured my Gibson guitars and I have the utmost respect for the iconic Gibson brand and those who choose to play Gibson guitars.

“Gibson has been a pioneer of craftsmanship and innovation in musical instruments and has been synonymous with shaping the sounds of generations and genres for more than 100 years. I am very honored to play a leading role with this iconic brand.”

Pollstar reports that Henry Juszkiewicz, who had been running Gibson guitars since 1986, remains under contract for one year to assist in the transition.