So I just found out that Guitar Center is owned by Romney's Bain Capital...

[eeyore]

How the hell did I miss this one? I've always hated and felt dirty shopping at Guitar Center, but this makes it even worse!

Guitar Center is literally the WalMart of music stores. They barely pay their employees, they make bulk purchasing deals so that local stores can't begin to compete against them, and price things so low that you'd be CRAAAAAAZY not to shop there.

There are times that they are the only store in town that has an item in stock, so rather than order from someone else I've just gone there. I've really gotta rethink my gotta have it now mentality.

What the fuck does Mitt Romney's investment group know about music gear????

Oy!

----------------------------
Wed Jun 27, 2007 12:03pm EDT

NEW YORK (Reuters) - Guitar Center Inc. GTRC.O said on Wednesday it agreed to be acquired by private equity firm Bain Capital Partners LLC for about $1.9 billion plus assumed debt.

Under the terms of the deal, Guitar Center stockholders will receive $63 in cash per share, marking a 26-percent premium over its closing price on Tuesday, the musical instruments retailer said in a statement.


http://www.reuters.com/article/ousiv/idUSBNG22972720070627

[Howardx]

1. i used to work there

it sucks mightily.

[eeyore]

2. It must really suck to work there from the noise alone!

That place is complete sensory overload to me.


:scared:

[Howardx]

22. the management is the worst part

the worst bar none, boss i have ever had.

[99th_Monkey]

3. Someone posted earlier they heard Air America was purchased by Bain Capital?

Sorry i don't have the link, and i hope to hell they are wrong.

[eeyore]

4. They do own Clear Channel

http://en.wikipedia.org/wiki/Bain_Capital

The original $37 million fund was raised entirely from private individuals in mid-1984, led by Ricardo Poma, a Salvadorean businessman. One of the fund's first start-up investments was Staples, Inc., the $15 billion office supply retailer. The funding enabled Staples to expand from one store in 1986 to nearly 1,700 in 2006. Bain Capital founded, acquired or invested in hundreds of companies including Bright Horizons Family Solutions, Brookstone, Domino's Pizza, Sealy, Guitar Center and The Sports Authority.
In addition to the three founding partners, the early Bain Capital team included Fraser Bullock, Robert F. White, Joshua Bekenstein, Adam Kirsch and Geoffrey S. Rehnert. Bullock joined Romney as the Chief Operating Officer for the 2002 Olympic Winter Games when Romney left Bain in 2001 to lead the Salt Lake City Winter Olympics. <1><2>
Twenty years after its inception, Bain Capital currently manages $50 billion in assets, and holds positions in major companies including Toys R Us, Burger King and Unisource.

[K Gardner]

7. OK, this is kinda creepy.. Romney used to be CEO of the company

that owns Clear Channel, that owns and controls our ourwaves? Does Romney have any investment left in the company? Is Bain Capital donating money to the Presidential Campaigns and if so, to who? conspiracy tinfoil hat time.

[lurky]

5. Ah, the Wal-Mart of music stores...

This explains a lot, actually.

[BeHereNow]

6. I refuse to shop there.

I buy all my equipment either used or from
an independent family owned music store.


BHN

[LittleClarkie]

8. I hate that place. I couldn't believe I saw a Taylor guitar with a crack in it

in their premium guitar section. There was more than one like that. They take piss poor care of their good instruments.

Luckily I have a good locally owned place to go to.

[BeHereNow]

9. The Hollywood location is full of defective vintage stuff- WAY over priced.

You're right, they don't take good care of their stock-
that's because it's not about music, it's about
making profits from people who don't know
anything about instruments.

BHN

[Liberal In Texas]

12. WAY overpriced is an understatement.

I was looking for a pedal case for a portable specialty video set-up and couldn't believe the money they wanted for the crap they were selling.

I always check all the local stores first, but couldn't find anything. I ended up buying a wonderful one online at a very reasonable price.

[LittleClarkie]

13. The guy who sold me my Martin is a refugee from there.

He agrees that it was all about profits and commission. Casio Interstate is so much better. They have workshops and bring in talented people from great bands and even sponsor local music showcases.

[BeHereNow]

14. Every one of my guitars came from other musicians.

Guitars all have souls and have a tendency to
end up with people who appreciate that about them.
One of the laws of the universe I suppose.

What year is your Martin?

I'm a Gibson girl myself...
57 Sorrento
57 J-200
72 Jumbo acoustic
71 Mossman
60's eko

Loves my guitars.
BHN

[LittleClarkie]

21. This is it.

http://www.mguitar.com/guitars/choosing/guitars.php?p=s&g=X&m=000X1

This year, I guess.

I've always just love the sound of a Martin. They have such a deep rich voice. I'd go into the "acoustic lodge" they have over at Casio, find a Martin and just play it, figuring I'd never have enough money to own one. Well, I ended up one of their lower end models, but still, it's a Martin. The solid spruce top is the important part anyway, even if most of the rest of the guitar is that composite stuff.

[BeHereNow]

24. Purty...

A friend of mine who used to play with David Bromberg
(Dick Fegy RIP) told me to keep my guitar in front of
my stereo speaker- said the vibrations hastened the
deepening of the sound. I did, especially my Mossman
which had barely been played when I got it.
It worked!
The more you play them, they better sounding they
get!
Enjoy your purty baby!
She'll only increase in value as time goes by.
That's the way I look at my guitars, investments
that can not fail!

BHN

[Doodad]

27. Sweet. I only ever did one studio session back 15 years ago

for some friends who needed some acoustic work. When it kept sounding crappy the studio guy brought out this old dusty Martin and oh man what a love affair that was; saved all my cuts. I could never afford one before my fingers got so arthritic I couldn't play anymore. Such is life.

[eeyore]

10. Oh, that's nothing!

I once bought a "new" boxed dual CD mixer there, only one in town. I got it home and it was missing all of its manuals, and was clearly a return that had been resealed and put back on the shelves. I was pissed, and made them order me a truly new one. They shipped it down from Seattle, and when I opened the box on that one I found an ATM receipt and loose change - clearly not new! Again, even more pissed, I had them order me another one, and finally got one that seemed new. The whole process took over a month.

[riverdeep]

11. The only thing I buy there is strings, once in a while.

I much prefer to make fewer trips to independent music stores. I have to make fewer trips, because, probably by design, there aren't any music stores near me anymore other than GC. Downtown Chicago has a lot of great music stores. Make 'n Music is a great one. They have private sound-proof booths where you can try out anything you like, as loud as you like, for as long as you like. No hassles, no pressure. But I can't get up there all the time.

I also shop cool websites when I already know what I want.

[Fire Walk With Me]

15. Look to see if anyone purchased large amounts of stock prior to the announcement.

And where else are you going to go to hear three persons simultaneously attempting to play "Stairway to Heaven" at once? But not together?

[Mike03]

16. It's an odd stock

In the past it has always been highly recommended by entities like ValueLine and other stock rating companies (somewhat like Harley). But I can never think of a good rationale for investing in this company, particularly when retail and discretionary spending has to be drastically curtailed.

[seemunkee]

17. Great, I bought a gift certificate from there for one of my nephews

[BeHereNow]

18. Go to the store with him- the sales people are creepy.

Or tell him to stick with practical purchases-
strings, cords, straps, tuners.
They can't screw him too bad with those items.
BHN

[eeyore]

25. Your nephew will likely love it

He will be a kid in a candy store, lots of things to buy at the lowest prices in town. Most of the sales people I've dealt with there are almost embarassed to be there, just doing their job to get a paycheck and not really giving a shit whether you buy something or not. The bigger issue is when you need to find someone who actually knows what they are talking about if you ask them a question.

He'll enjoy the gift, don't sweat it.

[JuniperLea]

19. Yep, Guitar Center does suck hard...

My b/f, HowardX here on DU, used to work at one in the Seattle area... oh, boy, does he have horror stories!

[Bitwit1234]

20. I read someplace that Romney bought one of those start your own business

things. SMG or somehting like that, fired everybody and hired new employees at half price.

What brought it to mind is my son gets all kinds of junk mail...I dont give out my address, and he got a large envelope with start your own business blah blah blah and it was from that company. I knew it sounded familiar and then realized someone had posted it five or six months ago.

[LWolf]

23. I'm hearing that there's been a change in direction.

I don't know why; just that a new "vision" and policies are being introduced. Something, if I recall, that involved sales and sales people, but I don't remember what it was. Just that the manager, who was talking to me about it, was pleased with the change.

[aint_no_life_nowhere]

26. I hate the fact that America has become a wasteland of chain stores

There still are a few family owned music stores around, but they're getting more and more rare. I remember well the days when almost all music stores were owned by individuals. You got to know the owner and established a relationship with them over the years. They got to know you by your name and would tip you off to good stuff like certain used guitars that were traded in to them that they knew you were looking for. And the state of clubs or other venues where you can work performing live music has become just too sad to discuss.