This is bad, but not unexpected, since Moodys downgraded Gibson last fall and said a further downgrade was possible. See this from a few months ago.
"The ratings are considered non-investment grade." translation = their credit rating has reached junk status.
They still haven't released their audited 2008 financial statements. The longer that's delayed, the more I'm inclined to think the outlook really is dim.
Ouch, the clock is ticking louder. I'm sure their core guitar business can be carved out and find a new home anywhere, but it will be the end of Henry J's reign whose lifedream it was to turn Gibson into a life style company à la Harley Davidson or Nike. It would be interesting to see Gibson under a new roof. Would they concentrate on making it as the upmarket brand, the Mega Custom Shop, or would they retain the "there is a Gibson for everyone" approach and - I dare to fantasize - even do outlandish things again like advertising for their basses in the media?!!!
It is interesting how all the musician mags keep quiet about Gibson's financial dire straits - you would assume it would be something of interest to the community, it sure interests me. Seems like at least the PR department is still working in Nashville. In a report on Winter NAMM in German Gitarre & Bass the authors wrote: "Well, Winter NAMM took place without the anticipated breakdowns of certain name brands." and I took that as alluding to Gibson. Gibson is certainly concerned with other things momentarily than selling their products. A question I had to service of Gibson Europe some weeks ago has remained unanswered - that has never happened before, they were always quick to respond. There was also none of th usual NAMM reporting on their site as if they were ashamed of the fact of having subleased a booth space from Monster Cable.
Uwe
PS: Chris "Buzzard" P. should give his German friend Peter Wilfer of Warwick a call and talk him into buying that Nashville hopeless bunch. Gibs
ön needs
deutsche Führung. And in a first step, the Thunderbird will be equipped with new Junkers Jumo pups and renamed
Sturmvogel!