"Bankruptcy
On May 1, 2018, the company filed for Chapter 11 bankruptcy protection. As part of its debt restructuring, the company will close down and liquidate its unprofitable Gibson Innovations division, which sells audio equipment outside of the U.S. and has been the source of much of the company's financial troubles. The restructuring will allow Gibson to focus on its most profitable ventures, such as musical instruments. No changes will be made to its guitar manufacturing business, and all Gibson and Epiphone branded guitars are expected to continue in production uninterrupted. Additionally, an additional $135 million was provided by existing creditors to provide liquidity to maintain existing operations."
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