New York (CNN Business) Guitar Center is filing for Chapter 11 bankruptcy, the latest company to go bankrupt during the pandemic that has decimated America's retail sector. But Guitar Center was forced to close many of its stores in March during nationwide lockdowns, and it struggled to get customers to buy instruments as the economy headed south. Guitar Center has 269 locations, many of which are in malls that had been struggling long before Covid-19. Foot traffic in malls has plummeted, and stores like Guitar Center that are dependent on people making discretionary purchases have been among the worst-hit this year. The company's primary owner, Ares Management Corporation, as well as new equity investor Brigade Capital Management and a fund managed by The Carlyle Group will help finance Guitar Center through bankruptcy.

Source: CNN November 22, 2020 15:22 UTC