Since 1969, Fernandes Guitars has slowly made asserted itself as a go-to supplier for finances import guitars. Nevertheless, the Japanese firm has introduced that it has filed for chapter.

The corporate, greatest recognized for its strains of Fender and Gibson reproduction guitars and Sustainer electrical guitar pickup, shared the information on 13 July. The corporate cite “a substantial quantity of debt” to be one of many essential contributing elements.

The assertion on its web site reads: “Fernandes Co., Ltd. (hereinafter known as ‘Fernandes’) is at the moment owed a substantial quantity of debt to a number of collectors, and sadly, it has change into not possible to proceed enterprise.”

“We apologise for the inconvenience precipitated to collectors and associated events, however in gentle of the overall quantity of debt, Fernandes plans to file for chapter proceedings as quickly as potential,” the assertion continues.

“Collectors and enterprise companions who’ve claims or money owed in opposition to Fernandes will likely be contacted in writing by the lawyer representing them within the chapter proceedings… We apologize for the inconvenience and thanks in your patronage through the years.”

Based on Tokyo Shoko Analysis, Fernandes Guitars owed 433.89 million yen (roughly £2.1m) as of January of this 12 months. The report asserts that the second-hand market has performed an enormous function within the debt, in addition to an more and more aggressive market.

Fernandes’ Fender and Gibson replicas have made their approach into the fingers of many musicians. Inexperienced Day’s Billie Joe Armstrong has proudly paraded his Fernandes Revival RST-50 (primarily based on the Fender Strat) onstage for years, having owned it because the tender age of 10.

Metallica’s Kirk Hammett additionally loves himself a Fernandes guitar, his FST-13 showing on the duvet of Metallica’s The $5.98 E.P.: Storage Days Re-Revisited.

This isn’t the primary time a guitar large has needed to file for chapter lately. Gibson infamously filed for chapter in 2018. Nevertheless, Gibson had the flexibility to get again on its ft with the assistance of an organization restructuring and a change in management.

After all, there’s nonetheless time for somebody to swoop in and purchase the corporate out. The model has its perks, with its revered guitars, basses, and pickups. Fernandes has additionally signed licensing offers with a slew of notable artists, similar to Robert Trujillo and even Keanu Reeves for a brief stint, so it might actually be a powerful model to again. Basically, Fernandes’s future remains to be within the steadiness.