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Guitar Center filed for Chapter 11 bankruptcy over the weekend as music lovers moved their shopping online and health restrictions forced many of the company's nearly 300 stores to close.
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Guitar Center had already been struggling with plummeting foot traffic in malls across the country.
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And a worsening US economy this year has taken a toll on the kind of discretionary spending Guitar Center depends on.
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Earlier this month, the company reached a restructuring agreement with key shareholders that includes debt reduction by nearly $800 million and new equity investments of upto $165 million to recapitalize.
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The company.
