Woodwind Brasswind
Posted: Wed Nov 22, 2006 7:34 pm
What's going on at Woodwind/Brasswind? This appeared on the Delphi Repair Forum:
Guitar Center Signs Agreement to Acquire Substantially All the Assets of The Woodwind & The Brasswind
Proposed Asset Purchase Arrangement Through The Woodwind & The Brasswind Bankruptcy Will Expand the Company’s Direct Response Division
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Guitar Center today announced that it has signed an asset purchase agreement to acquire substantially all the assets of The Woodwind & The Brasswind under section 363 of the United States Bankruptcy Code. Under the terms of the agreement, Guitar Center will acquire The Woodwind & The Brasswind’s inventory of band and orchestra and combo instruments, accounts receivable, trade names and certain other intangible assets. The transaction is subject to a number of conditions, including bankruptcy court approval, and is also subject to overbid at a bankruptcy auction expected to be held in January 2007.
Marty Albertson, Chairman and Chief Executive Officer of Guitar Center, said, “The acquisition of assets of The Woodwind & The Brasswind, including the Woodwind and Brasswind and Music123 websites, will enable us to further expand the already strong combo instrument business at Musician’s Friend as well as build out our direct response band and orchestra business. We are excited about the opportunity to broaden our customer base and continue the growth of our direct response business.â€
Guitar Center Signs Agreement to Acquire Substantially All the Assets of The Woodwind & The Brasswind
Proposed Asset Purchase Arrangement Through The Woodwind & The Brasswind Bankruptcy Will Expand the Company’s Direct Response Division
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Guitar Center today announced that it has signed an asset purchase agreement to acquire substantially all the assets of The Woodwind & The Brasswind under section 363 of the United States Bankruptcy Code. Under the terms of the agreement, Guitar Center will acquire The Woodwind & The Brasswind’s inventory of band and orchestra and combo instruments, accounts receivable, trade names and certain other intangible assets. The transaction is subject to a number of conditions, including bankruptcy court approval, and is also subject to overbid at a bankruptcy auction expected to be held in January 2007.
Marty Albertson, Chairman and Chief Executive Officer of Guitar Center, said, “The acquisition of assets of The Woodwind & The Brasswind, including the Woodwind and Brasswind and Music123 websites, will enable us to further expand the already strong combo instrument business at Musician’s Friend as well as build out our direct response band and orchestra business. We are excited about the opportunity to broaden our customer base and continue the growth of our direct response business.â€