Gibson Brands requests court approval of $1.6 million inventory sale

By Caroline Salls

Pittsburgh, June 22 – Gibson Brands, Inc. requested court approval to sell the remaining inventory of Gibson Innovations USA, Inc. to JAAXC for $1.6 million, according to a motion filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The inventory is being sold as is under a private sale. Gibson said it solicited offers for the inventory and chose JAAXC’s as the best.

According to the motion, Gibson is in the process of winding down the operations of Gibson Innovations USA. As a result, the company said the sale of the inventory will maximize the value of those assets for the benefit of creditors.

A hearing is scheduled for July 9.

Gibson Brands is a Nashville-based maker of musical instruments and consumer and professional audio. The company filed bankruptcy on May 1 under Chapter 11 case number 18-11025.

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