Gibson to sell its Memphis factory. It could be yours for $17 million!
According to an article in the Memphis Daily News, the iconic guitar company will relocate after 18 years. Located on nearly six acres at 145 Lt. George W. Lee Ave., across South B.B. King Boulevard from FedExForum, Gibson‘s Memphis factory has 127,620 square feet and an adjacent 330-space parking lot. It has been evaluated at $17 million.
Gibson won’t be leaving Memphis but the owners feel the current location is too big for what they need and will relocate to a smaller premises in the area.
The Memphis factory is one of Gibson‘s three production facilities and it used to produce semi-hollow and hollowbody guitars; it is also the only one open for tours. The other two Gibson factories are in Nashville (solid-body electric guitars) and in Bozeman, Montana (acoustic guitars).
The privately-held Gibson company wants to stay in the current facility for at least another 18 months while another location will be found, and will probably try to use part of that $17 million to pay off part of its debt, which apparently amounts to a staggering $520 million as of August.