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.