Guitar Center had already been struggling with plummeting foot traffic in malls across the country, and a worsening U.S. economy this year has taken a toll on the kind of discretionary spending Guitar Center depends on.

Earlier this month, the company reached a restructuring agreement with key shareholders that includes debt reduction by nearly $800 million and new equity investments of up to $165 million to recapitalize the company.

Guitar Center began in 1959 as a store selling home organs in Hollywood and grew into the largest retailer of music instruments and equipment in the United States.

As it seeks to carry out a restructuring plan, Guitar Center said business operations will continue without any interruption, so there will still be stores to play "Stairway to Heaven" in... if you dare.