NOV. 27 | WOODWIND & BRASSWIND | BANKRUPTCY
WW&BW in Chap. 11; Creditors Announced
News continues to emerge surrounding The Woodwind & The Brasswind, which filed for bankruptcy on Nov. 21.
It’s been confirmed that the music retailing giant has filed for Chapter 11 bankruptcy, which means The Woodwind & The Brasswind can continue operating and selling under protection from creditors as its finances are restructured.
Music Inc. has also obtained names of the top 20 creditors. Conn-Selmer, Yamaha, Jupiter Band Instruments and Gemstone hold the largest unsecured claims, with the list totalling in excess of $13 million. See below for a complete list.
Company President and CEO Dennis Bamber told the South Bend Tribune that the filing was primarily the result of a $9 million legal judgement issued against the company last September. Stephen and Richard Zapf, former owners of Music123.com and former business partners in Woodwind & Brasswind, sued Bamber after being terminated in 2004. Bamber tried to counter-sue, but was unsuccessful. A new distribution center and $800,000 in software expenses also contributed to the filing.
Bamber also told the Tribune that this isn’t the end of his massive instrument distributor and retailer.
“It’s business as usual,” he told the newspaper on Nov. 21. “(Customers) won’t notice any difference. In fact, the store’s packed today.”
There will be one major difference: a new owner. Bamber told the Tribune that he will remain with the company after the assets are sold, but Woodwind & Brasswind will no longer be his company.
“It’s not the way I wanted to go out,” he said.
Top 20 Creditors*
- Conn-Selmer Inc. — $3.034 million
- Yamaha Corp. — $2.797 million
- Jupiter Bands Instruments Corp. — $1.402 million
- Pearl Corp. — $779,000
- Gemstone — $709,000
- Fender Musical Instrument Corp. — $638,000
- Buffet Crampon USA Inc. — $614,000
- Gibson Guitar Corp. — $434,000
- Federal Express — $375,000
- St. Joseph County Treasurer — $350,000
- Amati USA Inc. — $343,000
- Midland Paper — $340,000
- Beijing Deyong Musical Instr. — $306,000
- Perry Judd’s — $304,000
- US Music Corp. — $278,000
- Epicor Software Corp. — $227,000
- Getzen Company — $221,000
- Miraphone EG — $205,000
- Loud Technologies — $186,000
- Fox Products Corp. — $159,000
* numbers rounded to nearest thousand dollars