Over the last couple of months, music fans have been fearful of seeing one of music’s most respected names call it quits, with guitar manufacturing company Gibson facing bankruptcy.

The news first came to light back in February when the Nashville Post reported that the 116-year-old company could be “running out of time.” A press release from the company indicated that they’re in the process of refining their focus, with hopes of “eliminating product segments that do not perform to our expectations,” but industry insiders haven’t been feeling too hopeful.

Just a couple of weeks ago it was reported that financial house Standard & Poor had lowered the company’s credit rating from a ‘CCC-‘ from ‘CCC’ meaning the company “could default on its debt obligations over the next six months” with “little prospect for recovery.” Now, in a new interview, CEO Henry Juszkiewicz has shouldered the blame for the decisions leading to the company’s current status.

Speaking to The New York Times, Juszkiewicz admitted that his decision to try and turn Gibson into a “music lifestyle company” by selling high-end audio equipment in addition to their regular catalogue of guitars had effectively backfired.

“No, it wasn’t a great decision,” Henry Juszkiewicz confessed. “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.”