In a New York Times article, writer Danny Hakim called Gibson CEO Henry Juszkiewicz’s decision to purchase the audio and home entertainment division of Royal Phillips in 2014 a “disaster,” as the euro collapsed following the purchase.
“No, it wasn’t a great decision,” Juszkiewicz told the news outlet. “It didn’t work out very well. I think it was a rational decision, but it turned out to be a very poor decision, and it’s a decision I made. It is what it is.”

The April news article stated the iconic guitar manufacturer could be forced to face bankruptcy due to its $500 million in debt. Much of the debt is set to come due Aug. 1.

“It is accurate to say bankruptcy is a possibility in the sense that our bonds expire,” Gibson’s CEO told the newspaper, although he added he was hopeful regarding discussions to refinance the debt.

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