US Retailer Guitar Center Files for Bankruptcy

US Retailer Guitar Center Files for Bankruptcy
A Guitar Center store on Sunset Boulevard in Hollywood, Calif., on Dec. 6, 2017. Valerie Macon/AFP via Getty Images
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Guitar Center Inc, the largest U.S. retailer of music instruments and equipment, filed for Chapter 11 bankruptcy on Saturday, as music lovers moved their shopping online during the coronavirus pandemic.

The retailer has negotiated to have a total of $375 million in debtor-in-possession financing from its existing lenders and intends to raise $335 million in new senior secured notes, the company said in a statement.