APRIL 7 I INDUSTRY I ECONOMY
Gibson Reports 20-Percent Sales Drop
Nashville Business Journal reported on March 20 that Gibson Guitar plans to lay off 50 employees worldwide, citing a 20-percent drop in musical instrument sales.
Gibson officials did not comment on how many of the company’s roughly 2,800 employees in the Nashville Tenn., area would be affected by the cuts.
According to a company statment, Gibson has continued to gain market share, but the extent of the slowdown in retail purchases and the uncertainty of when the market will recover has forced it to cut the size of its organization.
“We regret that the company had to reduce our work force today to meet the economic challenges faced by our industry,” said Henry Juszkiewicz, CEO of Gibson Guitar, in the statement. “We believe our streamlined team of talented people will continue to serve our valuable customers in an increasingly excellent fashion.” MI