Following a filing for Chapter 11 Bankruptcy last month, iconic guitar brand Gibson is already planning its return to traditional guitars, and ukeleles it seems.
In an interview with Reuters, CEO Henry Juszkiewicz said Gibson is considering capitalising on an industry-wide boom in sales of ukuleles. It would mark their first foray into creating the Hawaiian instrument since the 1930s (Gibson’s lower-priced Epiphone brand includes Les Paul Ukuleles in its product line).
Juszkiewicz said Gibson would “absolutely” consider a return to that business and said one of the most valuable ukeleles you can buy today is a Gibson uke made in the ‘30s. But when asked directly about specific roll-out plans said it’s “a work in progress.”
Over the last few months, Gibson has been the talk of the music industry. With rumours of the company being up to $500 million in debt, the idea of bankruptcy looked very probable until it was indeed confirmed last month.
Earlier this month however, the manufacturer secured a US$135 million restructuring loan lifeline as it battles through the restructure.
On May 1 the company stated they “will emerge from Chapter 11 with working capital financing, materially less debt, and a leaner and stronger musical instruments-focused platform that will allow the Company and all of its employees, vendors, customers and other critical stakeholders to succeed.”