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Guitar Center layoffs

xtranoise

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I have purchased a few used cymbals through them over the past few months. Went in to local store to buy a snare stand that was listed as available. After multiple searches I was told they did not have one. When I then ordered it on-line, the on-line order was trying to source it from that same local store! Now I just search used gear and have had some mishaps there as well unfortunately.
 

Lamontsdad

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Look out below, guys. This party is just getting started.
My wife and I are both in the mortgage biz. She had to re-interview for her job. 10% of my company (whom I will not name) were laid off in March and more could come. :(
 

Tornado

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My wife and I are both in the mortgage biz. She had to re-interview for her job. 10% of my company (whom I will not name) were laid off in March and more could come. :(

I'm afraid this will be worse than 2008, but we'll see what happens with all the institutional players in the home ownership business now. Either they'll weather the storm, or they'll liquidate faster than a stick of butter in this summer heat.
 

Lennykenard

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I'm afraid this will be worse than 2008, but we'll see what happens with all the institutional players in the home ownership business now. Either they'll weather the storm, or they'll liquidate faster than a stick of butter in this summer heat.
As someone who is not in the real estate field, but works in the trades, this surprises me. Still seeing a constant flow of new houses being built in my area. When I see a house go up for sale, they seem to sell quickly. It’s disheartening for me, as I’m in an apartment, to see houses that are complete junk (imo) go for way too much. Like way too much. Luckily, my rent is cheap, so it’s not hurting us to be where we are, but I’d love to get in to a house. With the prices these days, it feels irresponsible financially to purchase a house at way over it’s true value. Going to be seeing a lot of people who are gonna be house poor with a mortgage that’s way more than the house is worth.
 

Rich K.

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My business had to write off about $500 for their bankruptcy. I’ve received probably 10-ish letters concerning the proceedings. Some were about making claims on your losses etc. Yesterday I got another letter which was the “this matter is over with” letter. In it was a listing of all the vendors and how much they lost, and we will get 10 cents on the dollar for our losses. Some highlights from just the percussion related companies on the list:
DW - 157k
Big Bang - 21k
KHS - 724k
Pearl - 101k
Vater - 7k
Yamaha - 196k
Conn Selmer - 159k (not all percussion)

And the winner.... Oracle Credit Corporation, 929k. I'm guessing that was their line of credit or loans or something.
Two Cascios are owed about 800k. Probably what is owed to them from the sale of the business earlier.

And guess who got paid in full? It starts with law and ends in firm. One guy got $30,000 for 71 hours of "work."

Sorry to derail!
I wonder if the "new" Interstate gets any business. The had some ads for a while but they weren't like the old company.
 

Tdipaul

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When looking at franchise models some time ago I read that, on average, 1/3 are going to do well and be profitable, 1/3 are going to break even at best, and 1/3 will always be unprofitable due to their locations and the overhead of the spaces.

I know GC's are not franchised but assuming the above has some validity to it, and since there are about 300 GC stores in USA, it would not surprise me if 100 or more of them closed down soon in an effort to improve their situation.
 

Tornado

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Guitar Center used to be a destination. The stores were big, full of gear, and teeming with customers. Then they overbuilt a bunch of small stores that gave you no real reason to get excited about going. Maybe it really wasn't that exciting, and I was just a kid, but I dread going into one now. Just a hassle with nothing cool to look at.
 

TomC727

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My business had to write off about $500 for their bankruptcy. I’ve received probably 10-ish letters concerning the proceedings. Some were about making claims on your losses etc. Yesterday I got another letter which was the “this matter is over with” letter. In it was a listing of all the vendors and how much they lost, and we will get 10 cents on the dollar for our losses. Some highlights from just the percussion related companies on the list:
DW - 157k
Big Bang - 21k
KHS - 724k
Pearl - 101k
Vater - 7k
Yamaha - 196k
Conn Selmer - 159k (not all percussion)

And the winner.... Oracle Credit Corporation, 929k. I'm guessing that was their line of credit or loans or something.
Two Cascios are owed about 800k. Probably what is owed to them from the sale of the business earlier.

And guess who got paid in full? It starts with law and ends in firm. One guy got $30,000 for 71 hours of "work."

Sorry to derail!
$423/hr is not bad, though certain professions charge 1k/hr or more to review documents.
 


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