Oh no!

The Nashville-based company announced Tuesday that it is filing for chapter 11 bankruptcy and working on “re-focusing, reorganizing and restructuring” – i.e., trying to find its way out of a pile of debt – by shedding some of its side businesses and concentrating on its original mission of selling musical instruments.

“Over the past 12 months, we have made substantial strides through an operational restructuring. We have sold non-core brands, increased earnings, and reduced working capital demands,” said Gibson’s CEO Henry Juszkiewicz in a statement. Read more via rollingstone.com.