Gibson Boss Blames Guitar Stores for Financial Woes

Henry Juszkiewicz, CEO and majority shareholder in the firm that makes Gibson guitars, has outlined what he thinks is wrong with music stores in the modern world. Gibson Brands, Inc. was recently reported to be facing bankruptcy within the next four months under a large debt burden and amid sluggish sales, especially in its electronics division. In an interview with Billboard, Juszkiewicz argued that the music retail industry as a whole had suffered severe damage during the 2008 financial meltdown, and had failed to recover to the levels enjoyed beforehand. And he insisted that stores had to take their share of the blame. “There are problems with the guitar retail industry," he said. "All of the retailers are fearful as can be; they're all afraid of e-commerce, with Amazon just becoming the second largest employer in the U.S., and the brick and mortar guys are just panicking. They see the trend, and that trend isn't taking them to a good place, and they're all wondering if there will be a world for brick and mortar stores for much longer. It’s a turbulent world to be a retailer, and many of our retail partners are facing that same issue.” He said Gibson...

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