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Guitar Center history
Guitar Center company history timeline
In 1964, the Thomas Organ Company acquired Vox, a manufacturer of guitars and amplifiers.
He opened a second store in San Francisco in 1972 and a third in San Diego the following year.
In 1979, the company received information that a bank was about to foreclose on a music store in Chicago.
1979: Guitar Center's first store outside California opens in Chicago.
In 1980, Mitchell inaugurated an Employee Stock Ownership Plan (ESOP), a stock-sharing program for Guitar Center workers.
For a short period around 1980, Guitar Center became involved in guitar manufacture when it purchased Kramer Guitar.
In 1983, at the age of 57, Wayne Mitchell did die of a heart attack.
In 1991, Larry Thomas--after working as a salesman, a store manager, a regional manager, corporate general manager, and chief operating officer--became Guitar Center president.
1993: The 17-store chain reaches the $100 million-in-sales mark.
The added burden of that large debt, together with the new involvement of the venture capitalists who were counting on stepped-up, national growth, led to the decision to make an initial public offering (IPO) in March 1997.
1997: Guitar Center completes its initial public offering of stock, becoming the first publicly traded company in the music retail industry.
The next few decades brought expansion and, in 1997, an initial public offering of stock.
In May 1999, Guitar Center acquired Musician's Friend in a stock transaction valued at approximately $50 million.
For example, in 1999, they purchased e-retailer Musician's Friend to offer a robust online option to musicians.
The company opened its 100th store in early 2002, a shop located in Little Rock, Arkansas.
Lauren Hirsch joined the New York Times from CNBC in 2020, covering business, policy and mergers and acquisitions.
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Guitar Center competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Tower Records | 1960 | - | 3,000 | - |
| Vudu | 2004 | - | 180 | - |
| Kohl's | 1962 | $16.2B | 110,000 | 1,488 |
| Fender | 1946 | $173.8M | 3,000 | 12 |
| Gap Inc. | 1969 | $15.1B | 117,000 | 44 |
| Hallmark Cards | 1910 | $5.0B | 30,000 | - |
| 99 Cents Only Stores | 1982 | $2.1B | 17,000 | 9 |
| Levi Strauss & Co. | 1853 | $6.4B | 15,100 | 748 |
| Music & Arts | 1952 | $190.0M | 1,500 | 96 |
| Sam Ash Music Stores | 1924 | $400.0M | 995 | - |
Guitar Center history FAQs
Zippia gives an in-depth look into the details of Guitar Center, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Guitar Center. The employee data is based on information from people who have self-reported their past or current employments at Guitar Center. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Guitar Center. The data presented on this page does not represent the view of Guitar Center and its employees or that of Zippia.
Guitar Center may also be known as or be related to A & E Construction, Guitar Center, Guitar Center Holdings, Inc., Guitar Center Inc and Guitar Center, Inc.