We previously wrote about the financial problems of Gibson Brands in Copper #s 45 and 40. Last issue, we reported that Gibson had announced that it was selling its factory near historic Beale Street in Memphis; now Gibson has sold a warehouse property in Nashville for $6.38 million, and is planning on selling additional “non-core” properties in Nashville.
The company carries well over $600M in debt against annual revenues of $1.2B, and has been downgraded twice in the past year by credit rating bureau, Moody’s. We wish them well, but have a hard time imagining a happy ending to this saga.
America’s fascination with zombies doesn’t seem to extend to zombie companies—companies that keep going, unaware they’re dead— and yet Radio Shack periodically makes attempts at revival, Sears just won’t go away, and now, after it was reported in April that the chain’s assets would all be liquidated—hhgregg, the electronics/appliance store that annoyingly presents its name ee cummings-style, is back. Sorta.
Trade journal This Week In Consumer Electronics (TWICE) reported that gregg will be revived with a purely online presence, and bidders for IP including the brand name included fellow zombie Sears.
That’s all we have to report, at this point. We must admit to a certain bewilderment as to how anyone would think gregg is worth reviving. Oh, well.