Guitar Center acquires The Woodwind & The Brasswind
Guitar Center Inc.'s acquisition of The Woodwind & The Brasswind for approximately $29.9 million has been approved by the United Stated Bankruptcy Court for the Northern District of Indiana.
Guitar Center, Westlake Village, CA, originally agreed to purchase The Woodwind & The Brasswind in November. That agreement was terminated because it was not approved by the bankruptcy court due to a higher offer from another potential buyer. The other buyer terminated its acquisition in mid-January.
The Woodwind & The Brasswind filed for bankruptcy protection in Indiana on Nov. 21.
Under the terms of the new agreement, Guitar Center's subsidiary Musician's Friend Inc. will acquire substantially all of the assets of The Woodwind & The Brasswind, South Bend, IN, including its inventory, accounts receivable, fixed assets, personal property and trade names. The deal is expected to close this month.
Guitar Center expects the deal to help build its direct response band and orchestra business.