The iconic American guitar manufacturer Gibson has filed for chapter 11 bankruptcy.
According to paperwork filed in Delaware on Tuesday, the company has at least $100-million of debt and perhaps as much as $500-million.
Gibson however has plans to get back on its feet, which includes liquidating its consumer electronics business, which sells headphones, speakers and accessories and reorganizing its musical instruments and professional audio business, which has been more stable.
The Nashville-based guitar maker was founded in 1894.
It's popular 'Les Paul Electric' is one of the best-selling guitars of all time and has been used by famous musicians like Eric Clapton and Jimmy Page.
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