Guitar Center: Difference between revisions
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==External links== |
==External links== |
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* [http://www.guitarmegastore.com/gc Guitar Center] |
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* [http://www.musicarts.com/ Music & Arts] |
* [http://www.musicarts.com/ Music & Arts] |
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Revision as of 09:25, 21 May 2013
| Guitar Center logo | |
| Company type | Private |
|---|---|
| Industry | Musical Instruments |
| Founded | 1959 |
| Headquarters | Westlake Village, California |
Key people | Greg Trojan, CEO |
| Products | Musical instruments, Recording equipment and accessories |
| Revenue |  $1.78 billion |
| Owner | Bain Capital |
Number of employees | 10,000 |
| Website | Guitarcenter.com |
Guitar Center is the largest chain of musical instrument retailers in the world[1] with 247 locations[2] throughout the United States. Its headquarters is in Westlake Village, California.
Guitar Center's sister companies/subsidiaries incorporate Music & Arts, Musician's Friend, GuitarCenter.com, LMI, Giardinelli, Musician.com, Private Reserve Guitars, Woodwind and Brasswind, Music 123, and Harmony Central.
History
Founded in Hollywood by Wayne Mitchell in 1959 as The Organ Center, a retailer of electronic organs for home and church use, it became a major seller of Vox electric guitars and guitar amplifiers, changing its name to The Vox Center in 1964. Toward the end of the 1960s, Vox—whose sales derived largely from its association with The Beatles, who made extensive use of its amplifiers—fell in popularity as Marshall amplifier users Eric Clapton and others captured musicians' imaginations. Accordingly, Mitchell once again changed the name, this time to Guitar Center.[1][3]
The popularity of rock and roll in the 1970s allowed Mitchell to open stores in San Francisco and San Diego, as well as several suburbs of Los Angeles. Ray Scherr, previously the general manager of the San Francisco store, purchased the company from Mitchell in the late 1970s. Scherr owned and operated it until 1996 from its Westlake Village headquarters.
Although synthesizer-driven disco and New Wave pop sapped rock's audience in the late 1970s, the 1980s "guitar rock" revival led by Van Halen and a concurrent influx of Japanese-produced instruments brought guitar sales to unprecedented levels.[4] Guitar Center took full advantage of this sales bonanza, and by the end of the decade began an ambitious program of expansion across the entire United States.[5] Using its size as leverage over the musical instrument business, it developed into the largest musical instrument retailer in the country, and made an initial public offering of stock in 1997.[6]
In 2005, Guitar Center, Inc., started The Fender Music Foundation, a nonprofit organization that supports music education.[7]
Activision partnered with Guitar Center in 2006; all purchases made during game play of Guitar Hero, beginning with the second installment, are made in a virtual Guitar Center store.
On June 27, 2007, Guitar Center agreed to $1.9 billion buyout from Bain Capital, totaling $2.1 billion including debt. The deal was led by Goldman Sachs and amounted to a per-share price of $63, or a 26% premium on the June 26 closing price. The deal was approved by shareholders on September 18, 2007, and closed October 9, 2007.[8]
In mid-2009 Guitar Center opened a rehearsal studio facility in Woodland Hills, California. The eight studios with full backline range in size from 350-550 square feet.
Guitar Center also hosts annual events such as the Drum Off, King of the Blues, contests, and artist appearances throughout the nation.[9]
Harmony Central
Harmony Central is an online source of reviews (both by users and website staff), news and discussion forums for the musical and pro audio fields. The forums have over 300,000 registered users as of the 1st January 2012, with subforums covering all aspects of musical equipment, playing, production and performance for a wide variety of instruments.
Acquisitions
In 2000, Guitar Center purchased mail order and Internet retail house Musician's Friend for $50 million, asserting that the merged company was the world's largest seller of musical instruments.[10] Musician's Friend became a wholly owned subsidiary that was headquartered in Medford, Oregon until 2011, when Musician's Friend's headquarters operations were gradually consolidated into Guitar Center's facilities in Westlake Village, California.[11]
In 2005, Guitar Center Inc. acquired Music & Arts, the largest school music dealer in the United States, and merged their subsidiary band and orchestral chain American Music Group into Music & Arts (as the company was renamed).[12] Music & Arts was founded in 1952 in Bethesda, Maryland and sells band and orchestra instruments, guitars, keyboards, drum sets, printed sheet music, and related supplies.
In the summer of 2006, Guitar Center purchased four stores in Texas from the popular South Texas and Central/South American company, Hermes.[13]
In February 2007, the direct response division of Guitar Center, Musician's Friend, purchased assets of the Indiana-based company Dennis Bamber, Inc., which included leading band and orchestra retailer, Woodwind and Brasswind, plus Music 123 and Lyons Music.
Hollywood's RockWalk
The Sunset Boulevard location in Los Angeles hosts Hollywood's RockWalk, a hall of fame honoring musical artists.[14] Artists are invited to place their handprints into cement blocks that are put on display at the Guitar Center.[14]
See also
References
- ^ a b Nathans, Aaron (14 May 2011), "Delaware music stores bracing for national giant's arrival", The News Journal, archived from the original on June 2011, retrieved May 15, 2011,
Guitar Center, which focuses on the rock-band end of the music business, opened its first store in Hollywood in 1964, just as guitar bands were taking off.
{{citation}}: Check date values in:|archivedate=(help)[dead link] - ^ Guitar Center Store Locator
- ^ Guitar Center 1960s History
- ^ Guitar Center 1970s History
- ^ Guitar Center 1980s History
- ^ Guitar Center 1990s History
- ^ Guitar Center Music Foundation
- ^ "Guitar Center Accepts Bain Bid", The Wall Street Journal (fragment), June 28, 2007
- ^ http://gc.guitarcenter.com/events/
- ^ "Guitar firm, e-commerce to merge". Deseret News. May 14, 1999. Retrieved May 29, 2011.
- ^ "Losing a Friend". Mail Tribune. April 28, 2011. Retrieved October 18, 2011.
- ^ Guitar Center buys Music & Arts for $90m
- ^ Guitar Center buys Hermes Trading Co.
- ^ a b "List of all the rockwalk/inductees". Guitar Center's Hollywood Rockwalk.