(Reuters) – Guitar Center Inc, the largest U.S. retailer of music instruments and equipment, filed for Chapter 11 bankruptcy on Saturday, as the coronavirus pandemic made music lovers move their shopping online.
The retailer has negotiated to have a total of $375 million in debtor-in-possession financing from its existing lenders and intends to raise $335 million in new senior secured notes, the company said https://refini.tv/3fpM2UC in a statement.
The company filed for Chapter 11 bankruptcy in the United States Bankruptcy Court of the Eastern District of Virginia.
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Lincoln Feast.)
