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Article: Guild re-focuses on acoustic guitars; under new management, Guild steps up acoustic production in the U.S. (Guitar Market Report) (company profile)
- Article from:
- Music Trades
- Article date:
- October 1, 1989
CopyrightCOPYRIGHT 1989 Music Trades Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Guild Re-focuses On Acoustic Guitars
Under New Management, Guild Steps Up Acoustic Production In The U.S.
Fourteen months ago, prospects for the Guild Guitar Company were bleak. Straddled by burdensome debt, excessive overhead, and an unfocused marketing effort, the company defaulted on bank obligations and was forced into Chapter 11. While "Chapter 11" is technically a court-ordered restructuring, most music companies rapidly slide from Chapter 11 into liquidation. On January 25, 1989, Guild was saved from extinction when Chuck Faas acquired the company for $2.1 million. Now, with a conservative business plan and strong financial backing, the acoustic ...