GuitarCenter
is a musical instrument company, with retail stores
in locations across the USA. Its online store operations
are handled via their subsidiary
Musicians Friend.
The Guitar Center story began in 1959 when Wayne Mitchell
purchased a small appliance and home organ store in
Hollywood, California. By 1961, he'd changed the name
of the company to The Organ Center. In 1964, Joe Banaran,
President of the Thomas Organ Company, approached Wayne
in search of an outlet to sell a new line of guitars
and amplifiers, called Vox. The timing was right, and
Wayne saw the chance to seize a new retail opportunity.
He was in the midst of relocating his original Hollywood
Organ Center location to a new site, and he agreed that
rather than closing down the old store, he would stock
it with Vox guitars and amplifiers. Wayne named the
store The Vox Center. By the late sixties, it had become
evident that the future of musical instrument retailing
lay in guitars and amps, not organs, and The Vox Center
was re-christened The Guitar Center.
Guitar
Center, Inc. (Guitar Center) operates
a chain of retail stores in the United States that sells
guitars, amplifiers, percussion instruments, keyboards
and live-sound/disc jockey (DJ) and recording equipment.
During the year ended December 31, 2004, Guitar Center
operated 136 Guitar Center stores, with 113 stores in
46 major markets and 23 stores in secondary markets.
In addition, the Company's American Music division operates
19 stores specializing in band and orchestral instruments
for sale and rental, serving teachers, band directors,
college professors and students. Guitar Center is also
a direct response retailer of musical instruments in
the United States through its wholly owned subsidiary,
Musicians
Friend, Inc. (Musicians
Friend), and its catalog and Website,
www.musiciansfriend.com. During 2004, the Company opened
14 new stores and relocated one store that resulted
in the addition of approximately 190,700 square feet
of store space.
BRIEF:
Guitar Center, Inc. operates a chain of retail stores
that sell musical instruments primarily guitars, keyboard,
percussion and pro-audio equipment. For the FY ended
12/31/04, net sales rose 19% to $1.51B. Net income increased
72% to $63.4M. Revenues reflect positive response to
advertising and marketing strategy for Guitar Center
stores. Earnings reflect a decrease in interest expense
due to the retirement of senior notes. Location of stores
include Los Angeles, Houston, San Francisco, San Diego,
Chicago, Dallas, Birmingham, Hollywood, Seattle, Austin,
San Jose, Sacramento, Las vegas, St Louis, Indianapolis,
Tulsa, Boston, Nashville, Michigan, Miami, Jacksonville,
New Orleans, Roseville, Denver, NYC New York, Phoenix,
Orlando, Tampa, Rockville, Cincinatti, Arlington plus
other store locations.
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