History
Founded in Hollywood by Wayne Mitchell in 1959 as The Organ Center, a retailer of electronic organs for home and church use, it became a major seller of Vox electric guitars and guitar amplifiers, changing its name to The Vox Center in 1964. Toward the end of the 1960s, Vox—whose sales derived largely from its association with The Beatles, who made extensive use of its amplifiers—fell in popularity as Marshall amplifier users Eric Clapton and others captured musicians' imaginations. Accordingly, Mitchell once again changed the name, this time to Guitar Center.
The popularity of rock and roll in the 1970s allowed Mitchell to open stores in San Francisco and San Diego, as well as several suburbs of Los Angeles. Ray Scherr, previously the general manager of the San Francisco store, purchased the company from Mitchell in the late 1970s. Scherr owned and operated it until 1996 from its Westlake Village headquarters.
Although synthesizer-driven disco and New Wave pop sapped rock's audience in the late 1970s, the 1980s "guitar rock" revival led by Van Halen and a concurrent influx of Japanese-produced instruments brought guitar sales to unprecedented levels. Guitar Center took full advantage of this sales bonanza, and by the end of the decade began an ambitious program of expansion across the entire United States. Using its size as leverage over the musical instrument business, it developed into the largest musical instrument retailer in the country, and made an initial public offering of stock in 1997.
In 2005, Guitar Center, Inc., started The Fender Music Foundation, a nonprofit organization that supports music education.
Activision partnered with Guitar Center in 2006; all purchases made during game play of Guitar Hero, beginning with the second installment, are made in a virtual Guitar Center store.
On June 27, 2007, Guitar Center agreed to $1.9 billion buyout from Bain Capital, totaling $2.1 billion including debt. The deal was led by Goldman Sachs and amounted to a per-share price of $63, or a 26% premium on the June 26 closing price. The deal was approved by shareholders on September 18, 2007, and closed October 9, 2007.
In mid-2009 Guitar Center opened a rehearsal studio facility in Woodland Hills, California. The eight studios with full backline range in size from 350-550 square feet.
Guitar Center also hosts annual events such as the Drum Off, King of the Blues, contests, and artist appearances throughout the nation.
Read more about this topic: Guitar Center
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