By Happy, Happy Mag | Dean Guitars has filed for Chapter 11 bankruptcy protection in the United States, marking the latest chapter in a turbulent few years for one of the most recognizable names in rock and metal gear. Court filings lodged on June 9 show that Dean parent company Armadillo Distribution Enterprises and investment partner Concordia have jointly entered Chapter 11 proceedings.
The documents estimate Armadillo’s assets at between $1 million and $10 million, while liabilities could be as high as $50 million.
One of the company’s largest creditors is Valley National Bank, which reportedly holds an unsecured claim of around $3.3 million.
While broader economic pressures have affected much of the musical instrument industry, Dean’s troubles have been amplified by years of expensive legal disputes.
The most significant was a lengthy trademark battle with Gibson over several iconic guitar shapes. Gibson argued that Dean’s V and Z models infringed on its protected Flying V and Explorer designs.
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Read more here:
https://happymag.tv/dean-guitars-files-for-bankruptcy-after-years-of-legal-battles
Photo: Deans guitars
