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The company said in a statement that Guitar Center, the largest retailer of musical instruments and equipment in the United States, has reached a restructuring agreement with major stakeholders, including the reduction of nearly $800 million in debt.
The retailer signed a restructuring support agreement (RSA ).
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The retailer said that the agreement includes a new equity investment of up to $1
The statement stated that the company expects to file a voluntary reorganization application after Chapter 11 of the U.S. Bankruptcy Court to implement a pre-packaged financial reorganization plan.
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Guitar Center, which has nearly 300 stores across the country, said the transaction will continue without interruption of any business.
In 2017, the company said it was exploring ways to restructure its $1.3 billion debt burden because music lovers moved shopping online.
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The Guitar Center was established in 1959 as a shop that sold household organs in Hollywood.
(Reporting by Aishwarya Nair in Bangalore; Editing by Kim Coghill)
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