Monday, May 18, 2020

Guitar Center makes debt payment, dodges default

Retail Dive
Guitar Center has addressed its April 2020 debt payments, reported to be late, through a series of transactions that had the support of the company’s lender groups, according to a Friday press release. The company said the transactions provided additional near-term liquidity to help it navigate the COVID-19 crisis.

"We believe that with these transactions and the staged reopening of the country along with our pre-pandemic positive business performance, we are well positioned to meet these challenging market conditions," Guitar Center CFO Tim Martin said in the release.. . . more