"Our Guitar Center and Music & Arts division faced headwinds throughout the quarter," said Marty Albertson, chairman and CEO. However, electric guitar sales are picking up, which bodes well for the fourth quarter.
The chain is nearly finished with its 2007 expansion, which call for opening 15 to 17 new units this year, Albertson added. Fourteen new stores have already opened this year.
The company still expects its $2.1 billion acquisition by Bain Capital Partners LLC, announced in June, to close in the fourth quarter of this year. Guitar Center operates 210 Guitar Center stores and more than 95 Music & Arts stores across the United States, as well as the Musician's Friend direct response channel.
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