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(KGTV) — Guitar Center, the county's largest musical instrument retailer, is expected to file for Chapter 11 bankruptcy after reaching a deal to restructure its debt.According to Bloomberg, the retailer's restructuring plan aims to reduce its debt by 0 million. "With ten consecutive quarters of growth prior to the impact from COVID-19, we have been pleased with our resilient financial performance during these challenging times created by the pandemic," Guitar Center CEO Ron Japinga said in a statement. "As a result of this financial restructuring process, we will be better equipped to execute on and invest in our strategic growth initiatives and we will continue delivering through the strength of our brands, availability of our stores, customer-focused associate relationships, innovative music education programs and our expanding digital solutions."The plan includes 5 million in new investments from funds managed by the company's private equity owner Ares Management, the Carlyle Group, and Brigade Capital Management, Bloomberg reported.Filing for Chapter 11 would allow Guitar Center to keep operating while the company works to turn around its business performance. Employees and vendors would still be paid as usual under the move as well.The company's announcement adds that its services will not be interrupted during the debt restructuring, and that, prepaid lessons, rentals, gift cards, and all merchandise credits will still be honored.Guitar Center has three locations in San Diego County in San Marcos, La Mesa, and San Ysidro. 1567

(KGTV) -- Billions of dollars could be at stake with Proposition 15.If passed, it would tax some commercial properties based on current market value instead of when it was bought. It could potentially bring in anywhere between .5 to .5 billion in new funding to local schools and governments, according to the Legislative Analyst’s Office.Brandon Foster is a small business owner in Oceanside. Even though he rents the space where his two gift shops are located, he is against Prop. 15.“We already have been told by our landlords, if that passes, they will be passing on that cost to us,” Foster said. “The landlords, a lot of them, have vacancies and things like that where they are struggling themselves. I understand why they need to pass that cost onto us.”The ad for No on Prop. 15 highlights a small business owner who said he had to close twice during the pandemic. The ad said Proposition 15 would raise “property taxes and rents on small business and they admit homeowners are next.”The change in property tax assessment would apply only to commercial or industrial properties valued at more than million. It would tax those properties at current market value rather than when it was bought.Residential and agricultural properties are not affected under Prop. 15.“They are very emotional, as ads are supposed to be,” said Lynn Reaser, chief economist at Pt. Loma Nazarene University.The ad has major funding from the California Business Roundtable, California Business Properties Association, and the California Taxpayers Association.“You would see a big effect especially on these older companies, not necessarily the big companies, but all companies that bought their properties some years ago,” Reaser said. “They could face more problems in terms of survival.”The ad lacks detail about time frame for Proposition 15, not making clear that it would take effect in 2022.While the ad said homeowners are next in line for property tax increases, Reaser said “no one knows” if that is actually true.“All the businesses, they’re all going to have to pass on the money, the expense, to somebody,” Foster said. 2131

(KGTV) -- Get your tickets, the numbers are in for the August 8 Powerball drawing. The winning numbers are: 10, 21, 30, 43, 63 with powerball 17. The estimated jackpot is 3 million with a cash value of 3 million. The next drawing will be Saturday, August 11 at 7:59 p.m.   311

(KGTV) — A 4.3-magnitude earthquake struck the Searles Valley area of San Bernadino County late Sunday.The quake was recorded at about 9:15 p.m. about 14 miles outside of Ridgecrest, Calif., according to the USGS. No injuries or damages were immediately reported.According to the USGS' "Did You Feel It?" map, not San Diego County responses were submitted.Last week, a 5.5-magnitude earthquake was reported in the same region outside Ridgecrest. Aside from last week's tremor, the last major earthquakes to hit near Ridgecrest occurred on July 4 and 5, 2019, when 6.4- and 7.1-magnitude earthquakes jostled the region.Location of Sunday's quake: 653

(KGTV) - A San Diego student's death initially prompted the construction of the bridge that collapsed Thursday at Florida International University.Alexis Dale, an 18-year-old FIU freshman from San Diego, died in August 2017 when she was hit by a vehicle at the intersection of Southwest 8th Street and 109th Avenue near the school, according to the Miami Herald.Dale had just started studying information technology in June, the Herald reported.RELATED: Pedestrian bridge collapse at university in Miami kills at least oneThe bridge that collapsed Thursday was being built at the intersection where Dale died as a way for people to cross the busy street safely.At least eight people were trapped and at least one person died due to the bridge collapse in Miami."I am heartbroken at the news of the collapse of the pedestrian bridge on 8th Street and the resulting devastation. We send our deepest condolences to the victims and their families," FIU President Mark Rosenberg said in a statement.FIU students are currently on spring break vacation. 1079