Guitar Center Makes Acquistion

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A subsidiary of Guitar Center Inc. will buy The Woodwind and The Brasswind, one of the nation’s largest sellers of musical instruments, for $30 million out of bankruptcy, the company announced Thursday.

The acquisition by the Westlake Village company’s Musician’s Friend subsidiary includes substantially all of the assets of South Bend, Ind. company its band, orchestra and combo instruments, as well as accounts receivable, fixed assets, personal property, trade names and other intangible assets. Musician’s Friend also will assume about $2 million of accrued liabilities.

“We look forward to broadening our customer base through the acquisition of these well-known brand names and continuing the growth of our direct response business,” said Guitar Center Chief Executive Marty Albertson,

The acquisition was approved by the U.S. Bankruptcy Court for the Northern District of Indiana. The Indiana company, which has some 200 employees, filed for bankruptcy protection in 2006 after losing a $9 million court judgment. It was founded by a former University of Notre Dame music instruction.

Shares in Guitar Center, which specializes in guitars, basses, drums and other so-called combo instruments, were up 55 cents to $46.30 in afternoon trading on the Nasdaq.

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