Gibson, which filed for bankruptcy in May 2018, is now showing signs of recovery.
Gibson has just announced plans to move its headquarters to downtown Nashville. And after years of silence, the company is also relaunching the Gibson Foundation, a charitable organization that aims to support at-risk and in-need youth by introducing them to the world of music.
In the wake of a grueling bankruptcy, the company shuttered unprofitable divisions that made non-guitar products and/or focused on research and development. In the years leading up to Gibson’s financial meltdown, far-flung forays included risky bets on technology like auto-tuning pegs, a diversion into digital rights management, and bloated advertising budgets. The guitar giant even purchased the shuttered Tower Records store in West Hollywood, but did little with the property.
Gibson’s headquarters have been located on the outer edge of Nashville for about three decades. By moving into the heart of the city, company officials hope to establish a better connection with local musicians and the thriving Nashville music scene. Additionally, the new building is reportedly bigger and more modern than Gibson’s current headquarters, and it will include a comprehensive guitar showroom.
A timetable for the move is expected to be released soon.
As for the Gibson Foundation’s relaunch, it was revealed that Dendy Jarrett will serve as the group’s executive director.
To celebrate the revival, the Gibson Foundation plans to give away one guitar per day for 1,000 days. In the same press release, the organization emphasized that all donations will be given to at-risk youth for the purpose of learning, playing, and enjoying music.
Since 2002, the Gibson Foundation has provided more than $30 million worth of support to children and music-focused charities.
Gibson first declared bankruptcy in May of 2018, though a year can make a huge difference. Now, the question is whether Gibson’s leaner operation will keep the company afloat over the long term. Part of that answer depends on what demand for guitars looks like over the coming decade.