Guitar Center is the largest musical instrument retailer in the US.
On Saturday, the company announced Saturday it was entering the Chapter 11 restructuring process, during which it'll stay in business.
Guitar Center said it expects to finish up the process by the end of the year.
Guitar Center has felt the negative impacts of consumers' increasing reliance on e-commerce, like many other physical retailers.
The company may be forced closures of many of its stores during the coronavirus pandemic.