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TEAC/TASCAM and Cerwin Vega Parent Gibson Brands Files Chapter 11 Bankruptcy Protection

Gibson Brands, parent company to TEAC/TASCAM and Cerwin Vega, filed for Chapter 11 bankruptcy protection Tuesday, May 1. In a company post, TEAC stated, “TEAC does not make any comment on how the restructuring will impact the relationship between TEAC and Gibson; however, the possible impacts on the day-to-day operations of TEAC are estimated to be insignificant. While Gibson owns a majority interest in TEAC, TEAC operates autonomously from Gibson, including suppliers, distribution channels, customers, legal agreements, bank and financial arrangements, human resources and personnel. TEAC develops and executes its own business strategies and is responsible for the results. TEAC will continue its business operations as normal while Gibson is working through its restructuring.”

According to the company, Henry Juszkiewicz, Chairman and CEO of Gibson Brands, and David Berryman, Gibson’s President, will each continue with the company upon emergence from Chapter 11 to facilitate a smooth transition during this change of control transaction. Also, Gibson Innovations business, which is largely outside of the US, will be wound down.

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