James Kolbusz, a resident of Chicago, has been part of the financial field for nearly two decades. In addition to his work with Merrill Lynch in Chicago, James Kolbusz enjoys collecting, restoring, and selling vintage guitars through his shop Windy City Guitars. He has a particular interest in those made by classic American guitar manufacturer Gibson.
Gibson Brands, Inc. filed for Chapter 11 bankruptcy protection in May 2018, including a transfer of company ownership from stockholders to noteholders as well as a restructuring of the business. This allows Gibson to return its focus to making guitars, the company's core competency, after forays into consumer electronics and other music-related business endeavors. Current CEO Henry Juszkiewicz will stay on in some capacity.
The restructuring will address some, but not all, the issues faced by the venerable guitar manufacturer. The winding-down of its Gibson Innovations unit, which sold speakers, headphones, and DJ products, will enable it to curtail sales declines due to its loss of credit insurance overseas. It still faces supply chain issues, however, thanks to changes in import regulations on key materials used in its construction of high-end instruments, as well as the loss of trust of many retailers.
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