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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 Kravitz.Gibson's guitars include the SG, Flying V, Explorer, J-45 and Hummingbird. But, the company believed that expanding into electronics and creating a music-centered lifestyle brand was the key to overall growth.https://www.tennessean.com/story/entertainment/music/2018/05/01/gibson-files-chapter-11-bankruptcy-nashville-guitar-maker-news/567946002/
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