Guitar Center to File for Bankruptcy

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It looks like another beloved chain may be biting the dust. Guitar Center officials say they'll likely file for bankruptcy as early as the end of the November.

The country's largest musical instrument retailer failed to make an interest payment of $45 million earlier this month, the New York Times reports. The company has 30 days from the payment's due date to come up with the money or the loan goes into default, according to the Times.

Guitar Center, which has 300 stores in the U.S., has lost an estimated $1.3 billion since the coronavirus pandemic began, according to Moody's. That compares to $2.3 billion in profits the company made last year.

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