Musical instrument retailer Guitar Center, which has one location in Lafayette and three others in Louisiana, plans to file for Chapter 11 bankruptcy protection.

The company announced Friday its plan to restructure its debt with creditors and will have $375 million financed by existing shareholders and lenders.

The retailer has been struggling for years with excessive debit, according to a report from the USA Today, but will not close any stores as the result of the move.

It has hired a real estate firm to “focus on investments that best position the company to return to its growth trajectory prior to COVID-19,” the company announced.

Guitar Center sells and rents instruments and provides lessons and maintenance.

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