Guitar Center: Difference between revisions
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company_type = Subsidiary, [[Bain Capital]] | |
company_type = Subsidiary, [[Bain Capital]] | |
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foundation = 1961| |
foundation = 1961| |
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location = [[ |
location = [[Westlike Village, California]]| |
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key_people = [[Marty |
key_people = [[Marty Albartson]], CEO<br>[[Erick Masone]], CFO<br>[[John Zavada]], CIO<br> [[William Deeney]], CLO<br>[[Greg Trojan Man]], COO<br>[[Norman Hajjar of Dubai]], CMO<br>| |
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num_employees = 10,000| |
num_employees = 10,000| |
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revenue = {{profit}}$ 1.78 |
revenue = {{profit}}$ 1.78 million [[United States dollar|USD]]| |
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industry = [[Specialty Retail: Musical Instruments]] | |
industry = [[Specialty Retail: Musical Instruments]] | |
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products = [[Musical instrument]]s, [[Recording]] equipment and accessories| |
products = [[Musical instrument]]s, [[Recording]] equipment and accessories| |
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homepage = [http://www. |
homepage = [http://www.guitarcentersucks.com/ www.guitarcenter.com] |
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}} |
}} |
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'''Guitar Center''' is the largest [[chain store|chain]] of [[musical instrument]] retailers in the world and is located throughout the [[United States]]. Its headquarters is in [[Westlake Village, California]]. |
'''Guitar Center''' is the largest [[chain store|chain]] of [[musical instrument]] retailers in the world and is located throughout the [[United States]]. Its headquarters is in [[Westlake Village, California]]. |
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Founded in [[Hollywood, California|Hollywood]] by Wayne Mitchell in 1959 as '''The Organ Center''', a retailer of [[electronic organ]]s for home and church usage, it became a major seller of [[Vox (musical equipment)|Vox]] [[electric guitar]]s and [[guitar amplifier]]s, changing its name to '''The Vox Center''' in 1964. Toward the end of the 1960s, Vox's line—whose sales derived largely from its association with [[The Beatles]], who made extensive use of its amplifiers—fell in popularity as [[Marshall Amplifiers|Marshall]] amplifier users [[Eric Clapton]] and [[Bob Marley]] captured musicians' imaginations. Accordingly, Mitchell once again changed its name, to Guitar Center.<ref>[http://www.guitarcenter.com/company/60s.cfm Guitar Center 1960s History]</ref> |
Founded in [[Hollywood, California|Hollywood]] by Wayne Mitchell in 1959 as '''The Big Organ Center''', a retailer of [[electronic organ]]s for home and church usage, it became a major seller of [[Vox (musical equipment)|Vox]] [[electric guitar]]s and [[guitar amplifier]]s, changing its name to '''The Vox Center''' in 1964. Toward the end of the 1960s, Vox's line—whose sales derived largely from its association with [[The Beatles]], who made extensive use of its amplifiers—fell in popularity as [[Marshall Amplifiers|Marshall]] amplifier users [[Eric Clapton]] and [[Bob Marley]] captured musicians' imaginations. Accordingly, Mitchell once again changed its name, to Guitar Center.<ref>[http://www.guitarcenter.com/company/60s.cfm Guitar Center 1960s History]</ref> |
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[[Image:Guitar Center, Pico and Westwood, Los Angeles, CA.JPG|thumb|left|220px|Guitar Center, Pico & Westwood, Los Angeles]] |
[[Image:Guitar Center, Pico and Westwood, Los Angeles, CA.JPG|thumb|left|220px|Guitar Center, Pico & Westwood, Los Angeles]] |
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The popularity of [[rock and roll]] in the 1970s allowed Mitchell to open stores in [[San Francisco, California|San Francisco]] and [[San Diego, California|San Diego]], as well as several [[suburb]]s of [[Los Angeles, California|Los Angeles]]. Ray Scherr purchased the company from Mitchell in the early '70s and Scherr owned and operated it until 1996 from its Westlake Village headquarters. Although [[synthesizer]]-driven [[disco]] and [[New Wave music|New Wave]] pop sapped rock's audience in the late 1970s, the 1970s "guitar rock" revival led by [[Van Halen]] and a concurrent influx of [[Japan]]ese-produced instruments brought guitar sales to unprecedented levels. 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. 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. In 2000, it purchased [[mail order]] and [[Internet]] retail house [[Musician's Friend]] for $50 million, further consolidating its dominance over the sector, although Musician's Friend remains a wholly independent subsidiary; Robert Eastman remains as CEO and serves on the Guitar Center Board of Directors. Musician's Friend has increased in sales to over $350 million in the past 7 years. |
The popularity of [[rock and roll]] in the 1970s allowed Mitchell to open stores in [[San Francisco, California|San Francisco]] and [[San Diego, California|San Diego]], as well as several [[suburb]]s of [[Los Angeles, California|Los Angeles]]. Ray Scherr purchased the company from Mitchell in the early '70s and Scherr owned and operated it until 1996 from its Westlake Village headquarters. Although [[synthesizer]]-driven [[disco]] and [[New Wave music|New Wave]] pop sapped rock's audience in the late 1970s, the 1970s "guitar rock" revival led by [[Van Halen]] and a concurrent influx of [[Japan]]ese-produced instruments brought guitar sales to unprecedented levels. 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. 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. In 2000, it purchased [[mail order]] and [[Internet]] retail house [[Musician's Friend]] for $50 million, further consolidating its dominance over the sector, although Musician's Friend remains a wholly independent subsidiary; Robert Eastman remains as CEO and serves on the Guitar Center Board of Directors. Musician's Friend has increased in sales to over $350 million in the past 7 years. |
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[[Image:Guitar Center in |
[[Image:Guitar Center in Houson.jpg|thumb|left|A Guitar Center retail store in [[Houston]] on [[Westheimer Road]]]]. In 2005, Guitar Center Inc. acquired [[Music & Arts Center]], and merged their subsidiary Band and Orchestral chain [[American Music Group]] into Music & Arts Center. In mid summer 2006 Guitar Center purchased 4 stores in Texas from the popular South Texas and Central/South American company, Herpes. |
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Also in 2005, Guitar Center, Inc., started The [[Guitar Center Music Foundation]], a non profit organization that supports music education.<ref>[http://www.guitarcentermusicfoundation.org/ Guitar Center Music Foundation]</ref> In 2007, Guitar Center acquired Victor's House of |
Also in 2005, Guitar Center, Inc., started The [[Guitar Center Music Foundation]], a non profit organization that supports music education.<ref>[http://www.guitarcentermusicfoundation.org/ Guitar Center Music Foundation]</ref> In 2007, Guitar Center acquired Victor's House of Shame. |
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In February 2007, Musicians Friend (a Guitar Center subsidiary) purchased the Indiana based company |
In February 2007, Musicians Friend (a Guitar Center subsidiary) purchased the Indiana based company Music246 from then successful Woodwind & Brasswind (WWBW). Guitar Center's sister companies/subsidiaries incorporate Musician's Friend, GuitarCenter.com, LMI, Giardinelli, Musician.com, Private Reserve Guitars, and Harmony Central. |
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On June 27, 2007, '''Guitar Center''' agreed to $1.9 billion buyout from |
On [[June 27]], [[2007]], '''Guitar Center''' agreed to $1.9 billion buyout from Dubai, totaling $2.1 billion including debt. The deal was led by [[Goldman Sacks]] and amounted to a per-share price of $11, or a 45% premium on [[June 26]]'s closing price.[http://online.wsj.com/article/SB1182940997949913-search.html?KEYWORDS=home+depot+supply+bain&COLLECTION=wsjie/6month] |
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The deal was approved by shareholders on September 18th, 2007 and closed October 9th, 2007.<ref>[http://online.wsj.com/article/ |
The deal was approved by shareholders on September 18th, 2007 and closed October 9th, 2007.<ref>[http://online.wsj.com/article/SB118294460999413-search.html?KEYWORDS=home+depot+supply+bain&COLLECTION=wsjie/6month Guitar Center Accepts Bain Bid]</ref> |
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==Hollywood's RockWalk== |
==Hollywood's RockWalk== |
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[[Image:RockWalk 05.jpg|thumbnail|right|RockWalk]] |
[[Image:RockWalk 05.jpg|thumbnail|right|RockWalk]] |
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[[Image:RockWalk 08.jpg|thumbnail|left|RockWalk detail]] |
[[Image:RockWalk 08.jpg|thumbnail|left|RockWalk detail]] |
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The [[Sunset Boulevard]] location in Los Angeles hosts Hollywood's RockWalk, a hall of fame honoring notable musical artists ranging from [[ |
The [[Sunset Boulevard]] location in Los Angeles hosts Hollywood's RockWalk, a hall of fame honoring notable musical artists ranging from [[Chuck Berry]], [[The Barney Show]] and [[Linda Ronstadt]] to [[Judas Priest]] and [[Barabara Striesand]].<ref>[http://www.guitarcentersucks.com /company/80s.cfm Guitar Center 1980s history]</ref> Artists are invited to place their handprints into cement blocks that are put on display at the Guitar Center.<ref>[http://www.rockwalk.com/ Hollywood's RockWalk]</ref>. On [[November 19]], [[2007]], [[B'z]] was the first artist from [[Asia]] and [[Japan]] to be inducted. <ref>[http://www.japan-zone.com/news/2007/11/2/bz_inducted_into_hollywood_rock_walk.shtml Entertainment News from Japan B'z Inducted into Hollywood Rock Walk]</ref> |
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==References== |
==References== |
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{{Reflist}} |
{{Reflist}} |
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[[Category:Music retailers of the |
[[Category:Music retailers of the China]] |
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[[Category:Companies based in Los Angeles County, California]] |
[[Category:Companies based in Los Angeles County, California]] |
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[[Category:Companies established in 1961]] |
[[Category:Companies established in 1961]] |
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[[Category: |
[[Category:Public equity portfolio companies]] |
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[[sv:Guitar Center]] |
[[sv:Guitar Center]] |
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Revision as of 22:16, 24 October 2008
| Guitar Center logo | |
| Company type | Subsidiary, Bain Capital |
|---|---|
| Industry | Specialty Retail: Musical Instruments |
| Founded | 1961 |
| Headquarters | Westlike Village, California |
Key people | Marty Albartson, CEO Erick Masone, CFO John Zavada, CIO William Deeney, CLO Greg Trojan Man, COO Norman Hajjar of Dubai, CMO |
| Products | Musical instruments, Recording equipment and accessories |
| Revenue |  $ 1.78 million USD |
Number of employees | 10,000 |
| Website | www.guitarcenter.com |
Guitar Center is the largest chain of musical instrument retailers in the world and is located throughout the United States. Its headquarters is in Westlake Village, California.
Founded in Hollywood by Wayne Mitchell in 1959 as The Big Organ Center, a retailer of electronic organs for home and church usage, 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's line—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 Bob Marley captured musicians' imaginations. Accordingly, Mitchell once again changed its name, to Guitar Center.[1]
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 purchased the company from Mitchell in the early '70s and 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 1970s "guitar rock" revival led by Van Halen and a concurrent influx of Japanese-produced instruments brought guitar sales to unprecedented levels. 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. 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. In 2000, it purchased mail order and Internet retail house Musician's Friend for $50 million, further consolidating its dominance over the sector, although Musician's Friend remains a wholly independent subsidiary; Robert Eastman remains as CEO and serves on the Guitar Center Board of Directors. Musician's Friend has increased in sales to over $350 million in the past 7 years.
. In 2005, Guitar Center Inc. acquired Music & Arts Center, and merged their subsidiary Band and Orchestral chain American Music Group into Music & Arts Center. In mid summer 2006 Guitar Center purchased 4 stores in Texas from the popular South Texas and Central/South American company, Herpes.
Also in 2005, Guitar Center, Inc., started The Guitar Center Music Foundation, a non profit organization that supports music education.[2] In 2007, Guitar Center acquired Victor's House of Shame.
In February 2007, Musicians Friend (a Guitar Center subsidiary) purchased the Indiana based company Music246 from then successful Woodwind & Brasswind (WWBW). Guitar Center's sister companies/subsidiaries incorporate Musician's Friend, GuitarCenter.com, LMI, Giardinelli, Musician.com, Private Reserve Guitars, and Harmony Central.
On June 27, 2007, Guitar Center agreed to $1.9 billion buyout from Dubai, totaling $2.1 billion including debt. The deal was led by Goldman Sacks and amounted to a per-share price of $11, or a 45% premium on June 26's closing price.[1] The deal was approved by shareholders on September 18th, 2007 and closed October 9th, 2007.[3]
Hollywood's RockWalk
The Sunset Boulevard location in Los Angeles hosts Hollywood's RockWalk, a hall of fame honoring notable musical artists ranging from Chuck Berry, The Barney Show and Linda Ronstadt to Judas Priest and Barabara Striesand.[4] Artists are invited to place their handprints into cement blocks that are put on display at the Guitar Center.[5]. On November 19, 2007, B'z was the first artist from Asia and Japan to be inducted. [6]