Musical instrument retailer Guitar Center recently filed bankruptcy, but plans to continue operating its nearly 300 stores, including one in Lancaster Township’s Manor Shopping Center.
The Nov. 21 bankruptcy filing came after the California-based Guitar Center said it received up to $165 million in new equity investments and got lenders to reduce its debt by nearly $800 million. The company said it expects to exit bankruptcy by the end of the year.
“This is strictly a financial exercise, not an operational change. There is no impact to our daily operations,” the company said in a statement describing the filing.
At Manor Shopping Center, The Guitar Center opened in 2006, taking a 12,000-square-foot space that was part of the former home of Walter & Jackson hardware store, which closed in 2003.