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Gibson Guitars files for bankruptcy



A sour note for Gibson today. The nearly 125 year old guitar maker filed for chapter 11 bankruptcy protection.  The company, which also produces Baldwin pianos and products under the Wurlitzer, Cerwin Vega, Epiphone and Dobro brand names, hopes to stay in the business of producing instruments, but consumer electronics like the headphones and speakers under the Phillips name will get the axe.