[Photo by: Guitar Center/Gibson 2017 Les Paul Standard T Electric Guitar]

Earlier this week, it was reported that Gibson guitar company is facing “imminent” bankruptcy, and the company has issued a statement regarding their financial situation.

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“While the musical instrument and pro audio segments have been profitable and growing, they are still below the level of success we saw several years ago,” Gibson Chairman and CEO Henry Juszkiewicz said.

He explains that the company is streamlining its Philips brand consumer audio business and eliminating product segments that “do not perform to our expectations and have little upside in the future” in the hopes that it'll lead to better financial results in an effort to pay back the company's debt.

“We have been monetizing assets like stock holdings, real property and business segments that could not achieve the level of success we expected. By monetizing these assets, we can reduce debt and generate funds to contribute to business segments that are thriving. It is important to our business to get back to the financial success we had to achieve the best financial terms in the refinancing of our company,” he stated.

Juszkiewicz says Gibson is working hard to improve results, ensuring refinancing is completed with “best pricing and terms.”

The company, which produces the Les Paul, one of the most iconic guitars, abruptly lost their chief financial officer after less than a year on the job. Reports were saying the brand has reportedly been selling former warehouses and buildings in an effort to bring in funds and make a dent in the brand's debt.

“At the end of the day, someone will take control of this company—be it the debtors or the bondholders,” Debtwire reporter Reshmi Basu told The Nashville Post. “This has been a long time coming.”

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