Guitar Center announced that it has completed a series of transactions to address its April 2020 debt payments. These transactions provide near term liquidity to help navigate challenges encountered during the COVID-19 pandemic and were made possible through the support of each of Guitar Center’s lender groups.
“We are pleased with the outcome of these transactions and the support and cooperation that we received from our lenders who recognize the value of our businesses,” said Tim Martin, Guitar Center’s chief financial officer. “These transactions bolster our immediate liquidity position and allow us to focus on operating our business through these difficult times. 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.”
For more news updates from the Music & Sound Retailer, click here.