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  1. Gibson's bankruptcy was not caused by its guitar division: Expert: Expansion to lifestyle brand was a mistakeGibson's guitar business has actually been on the uptick, according to the bankruptcy filings, rising 10.5 percent from January 2017 — $110 million to $122 million during the same 12-month period.Gibson enjoys 22 percent market share in electric guitars, and 40 percent market share for guitars selling for more than $2,000, including the iconic Les Paul model. Gibson is known for providing guitars to stars such as Elvis Presley, BB King, Keith Richards, Pete Townsend and Lenny Kra
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