With demand for new electric guitars continuing to dip, Gibson is moving its long-standing Memphis operation to a smaller location and plans to quit its current home.
The Memphis facility opened 18 years ago and occupies a small part of the massive 127,620 square foot complex. According to the Memphis Daily News, Gibson plans to search for a new facility for its Memphis operations and will stay where it is for the next 18 to 24 months. The facility is expected to list for $17 million.
CEO Henry Juszkiewicz, explained: “We are extremely excited about this next phase of growth that we believe will benefit both our employees, and the Memphis community. I remember when our property had abandoned buildings, and Beale Street was in decline. It is with great pride that I can see the development of this area with a basketball arena, hotels, and a resurgent pride in the musical heritage of the great city of Memphis. We continue to love the Memphis community and hope to be a key contributor to its future when we move nearby to a more appropriate location for our manufacturing based business, allowing the world the benefit of our great American craftsmen.”
