An iconic guitar company filed for bankruptcy Tuesday, but the restructuring won't affect the guitar-making side of the business.
Gibson Brands Inc. filed for Chapter 11 bankruptcy, which allows the company to keep running while it works to pay off debt.
The company's musical instrument and professional audio business will continuing operating "without interruption." That's the part of the business Gibson is really known for.
But it's shutting down Gibson Innovations, an arm of the company based in Hong Kong that developed audio and music products. The company bought Gibson Innovations just a few years ago, but it seems the attempt to diversify didn't go so well.
In a press release, Gibson Brands said, "the decision to re-focus on our core business, Musical Instruments ... will assure the company's long-term stability and financial health."