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WESTLAKE VILLAGE (CNS) - Westlake Village-based Guitar Center, the country's largest retailer of instruments and musical equipment, joined a growing list of companies impacted by the economic toll of the COVID-19 pandemic, filing for bankruptcy, according to a report Sunday.Guitar Center has about 300 stores across the U.S., and its sister brands include Music & Arts, which has more than 200 stores specializing in band and orchestral instruments for sale and rent, according to the Los Angeles Times.The filing in the Eastern District of Virginia gives the company a break on its debts by letting it stay in business as it seeks to carry out a restructuring plan, the Times reported.According to the report, a restructuring support agreement announced Nov. 13 requires new financing backed by existing creditors, in addition to 5 million in new equity investments from its parent company, Ares Management Corp., as well as the Carlyle Group and Brigade Capital Management.Moody's Investor Service explained that the coronavirus shutdown has hit nonessential retailers hard, and that Guitar Center was particularly vulnerable because musical instruments are highly discretionary item. The company's stores were shut down in mid-March when the pandemic began in earnest. Since then, the Times reported, it has reopened some locations while maintaining online operations.Guitar Center claims it has liabilities of between billion and billion, with a similar range for its assets, according to the filing.According to the report, Ares acquired the company in 2014 in an out-of-court restructuring of Guitar Center's substantial debt load, the result of a deal by Bain Capital LP in 2007 to take it private. 1728

With just over a month until the election, Florida and Arizona are emerging as battleground states that are neck-and-neck for President Donald Trump and former vice president Joe Biden.For the first time in 2020, Trump has a slight lead in Florida, according to the Washington Post-ABC News poll. Among participants who said they are likely voters, Trump leads 51-to-47 percent, however this is considered within the margin of error.The poll points out Biden has a 13-point lead among Hispanic registered voters in Florida; four years ago, Hillary Clinton had a 27-point lead among Hispanics and still lost the state.In Arizona, among likely voters, the poll shows Trump and Biden at 49-to-48 percent. Arizona has voted for the Republican presidential candidate for every election since 1952 except once, the re-election of Bill Clinton in 1996.Researchers of this poll note that these percentages are so close the difference is not statistically significant. The margin of sampling error is 4 points among Florida results and 4.5 points among Arizona results.Trump won Florida and Arizona in the last election. In Arizona, Trump won in 2016 by about 90,000 votes. In Florida, Trump won by just over 100,000 votes.When it comes to the issues, Trump gets credit for being trusted to handle the economy, despite the current pandemic-fueled recession. In Florida, registered voters in the survey said they trusted Trump with the economy over Biden 52-to-41 percent. In Arizona, the spread is higher, with registered voters preferring Trump 56-to-41 percent.The economy appears to be the top issue for many this election cycle. About 31 percent of registered voters in Florida said the economy is the single most important issue, and 33 percent of those in Arizona.In handling the coronavirus pandemic, more registered voters trust Biden over Trump, with 48-to-43 percent in Florida and 49-to-45 percent in Arizona. In both states, 57 percent of participants said they were worried about catching the coronavirus.Biden also leads in handling health care, crime and safety, discouraging violence at political protests, and equal treatment of racial groups.Trump’s overall approval rating among registered voters is 47 percent in both states.There is also a big split in how voters of different parties plan to vote on Election Day. In both Florida and Arizona, more than 70 percent of registered Republicans plan on voting in-person on Election Day. Democratic participants are more likely to vote early or absentee/mail-in, more than 60 percent.This latest poll was conducted by landline and cell phone interviews between September 15-20 among 765 registered Florida voters and 701 registered Arizona voters. 2712

Will Power won the 102nd running of the Indianapolis 500 on Sunday afternoon, but another major story throughout the race was the number of crashes during the race.In all, there were seven different crashes involving eight different cars, after nearly 1/4 of the race had been run. Several fan favorites were also taken out of the race, including Danica Patrick and Tony Kanaan.It started when reigning Indy 500 champion Takuma Sato and the No. 33 of James Davison came into contact in Turn 3 on lap 48. Both men were checked and released from the infield hospital. 573

White House press secretary Kayleigh McEnany says President Donald Trump is “not even at that point yet” when it comes to conceding to President-elect Joe Biden.McEnany tells Fox Business News on Friday that Trump believes he will be president and have a second term.When told it would look sad if he did not attend the inauguration on Jan. 20, McEnany said, “I think the president will attend his own inauguration. He would have to be there in fact.”McEnany continued to raise unsubstantiated allegations of voter fraud and maintained that “when every legal vote is counted” Trump would win.There is no evidence of widespread fraud in the 2020 election despite her claims. Election officials from both political parties have stated publicly that the election went well, and international observers confirmed there were no serious irregularities.White House economic adviser Peter Navarro offered a similar assessment. "We're moving forward here at the White House under the assumption that there will be a second Trump term," Navarro said. Biden is projected to win at least 290 Electoral College votes, and could pick up 16 more in Georgia, where a hand recount is underway. Biden leads the state by 12,000 votes. 1223

With millions of Americans set to lose a weekly 0 unemployment supplement this week, leaders in Washington are discussing another stimulus package that could extend the supplement for the unemployed. The 0 a week program from the federal government was added to state unemployment benefits.Leaders on Capitol Hill also are pushing for a second round of stimulus checks. While it appears Democrats and Republicans are in agreement that there should be another stimulus bill, compromising to the details remains an issue.On Tuesday, President Donald Trump said that he is looking at continuing an unemployment supplement, but at of 70%. Trump said that he and other GOP lawmakers believed that the supplement gave Americans an incentive to remain unemployed.“We want to have people go back and want to go back to work as opposed to be sort of forced into a position where they're making more money than they expected to make and the employers are having a hard time getting them back to work,” Trump said. “It still worked out well because it gave people a lifeline, a real lifeline. Now we're doing it again.”Senate Minority Leader Chuck Schumer agreed that an unemployment supplement is needed as unemployment levels remain in double figures. Democrats in the House passed a bill in the spring that would have extended the added unemployment through the end of the year. The GOP-held Senate has not considered the legislation.“It makes no sense to cut back at a time when we have over 20 million unemployed and we have the greatest unemployment crisis since the Great Depression,” Schumer said in an interview with CNN. “To cut back on unemployment insurance makes no sense whatsoever. That's what they're proposed. In the other proposal, we'll pay people to go back to work. Well, those who go back to work are getting the salary.”Senate Majority Leader Mitch McConnell suggested that an agreement is still a ways off. He also hasn’t signed off on an unemployment supplement, and says that his focus is to get workers back to work rather than provide supplemental unemployment. McConnell, however, said that his proposal would include a second round of stimulus checks. Details of that plan are not available, but McConnell previously said a second round of stimulus would include fewer Americans. With coronavirus cases remaining at high levels and large gathering spaces forced to operate at reduced capacities, it is hard to imagine employment levels reaching pre-coronavirus levels. McConnell told reporters earlier in July that the next round of stimulus funds should cover Americans making less than ,000 per year, which is far lower than the threshold for stimulus funds during the last round of aid, which many Americans received in April and May.McConnell said on Tuesday that the Senate is also looking at replenishing the Paycheck Protection Program, which gave companies funds to help them make payroll during the coronavirus pandemic.“With the majority of businesses expected to exhaust their initial paycheck protection funding this summer, we'll also be proposing a targeted second round of the PPP with a special eye toward hard hit businesses,” McConnell said. “And speaking of building on what worked in the Cares Act, we want another round of direct payments, direct payments to help American families keep driving our national comeback." 3375

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