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OleHippieDude, my hubby of 42 years this December, is a musician, a drummer, and has been since he was 10, so for 53 years he's played all sorts of music. We're pretty much still rockers, though. I have sat in clubs watching his bands and gotten drunker'n a skunk too many times to recall.
Nowadays, he jams with friends and they go out to eat and hang out. Our big thrill together is to drive to Orlando and go to Guitar Center and Sam Ash, and bang on the drums and play the electric pianos and buy some sticks.

OHD is always on Craig's List looking to buy, sell, trade, musical stuff. This morning, OHD sent me an e-mail of a post that he saw on Space Coast Craig's List for the Port St. Lucie Guitar Center store:

Bain Capital's "Guitar Center" going down fast (playhardballonpurchases)

Bain Capital's "Guitar Center" 1.5 Billion in debt since the acquisition... heading for bankruptcy

Excerpt from the Retail Column - Music Trades Magazine July 2012:

Notwithstanding solid operational performance, Guitar Center has been hobbled by a crushing $1.56 billion debt burden that was incurred in late 2007 when Bain Capital acquired the business for $2.2 billion. Since the acquisition the company has consistently operated in the red, unable to cover the approximately $160 million in annual interest expense. The Steady losses have triggered regular credit "downgrades" from the ratings agencies Standard & Poor's and Moody's. In the most recent downgrade, issued on May 8th 2012 Standard and Poor's wrote " We have downgraded Guitar Center's liquidity profile to "less than adequate" and revised our ratings outlook to negative from stable."

Just saying.. move over KB Toys and Friendly's Ice Cream Parlor etc...( you can google..)

I find this to be so sad. We all know what Bain does and here they are, draining the lifeblood from Guitar Center with their vampire squiddy blood funnel.

So here's a huge "FUCK YOU VERY MUCH" to Bain and Mittens and all the other vampires that do NOTHING but screw over decent companies. You make the world a shittier place to live every day.

Originally posted to OleHippieChick'sPad on Mon Oct 01, 2012 at 10:07 AM PDT.

Also republished by The Bain Files.

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