Gibson guitar corp is filing for bankruptcy with debts of over $100 million. in a bid to save the company the 116-year-old guitar manufacturer plans to liquidate the consumer electronics division of the brand.

The division’s products included headphones, speakers, and other audio equipment meaning Gibson will in effect focus on its original product line of guitars. according to the press release ‘the company’s Gibson innovations business, which is largely outside of the U.S. and independent of the Musical Instruments business, will be wound down.‘

Tthe company, famous for its guitars, announced early Tuesday morning that it has received commitments for $135 million of debtor-in-possession financing from existing noteholders‘, the Nashville business journal reports. ‘which ‘will provide the company with the liquidity necessary to maintain its operations in the ordinary course during its reorganization proceedings’.’