Fender Withdraws Planned IPO

CEO says "economic conditions" are the reason for the move.

New York, NY (July 20, 2012) -- Fender announced today that it is calling off plans to take the company public, citing the global financial market's grim outlook as rationale for the reversal.

"Current market conditions and concerns about economic conditions in Europe do not support completing an initial public offering at what we believe to be an appropriate valuation at this time," said Fender CEO Larry Thomas in a statement to the press.

The initial public offering (IPO) was announced in March and originally intended to raise $200 million. The Los Angeles Times reported in July that Fender expected to sell 10.7 million shares at $13-$15 per share for a potential total of $160 million.

For more information:
Fender

A blind horse wouldn’t be impressed, but this beautiful, double-horned instrument with one-of-a-kind engravings helped make luthier Tony Zemaitis famous.

Though they never reached the commercial success of some of their peers, the Faces have no doubt earned a place as one of the seminal rock ’n’ roll bands of the late ’60s and early ’70s. Combining influences as varied as instrumental funk à la the Meters, traditional folk music, and a heavy dose of rhythm and blues, the Faces brand of rock ’n’ roll can be heard in some way or another in the music of countless bands that followed. After the Faces folded in 1975, all five members went on to continue making great music, but their chemistry together was undeniable.

Read MoreShow less

We polled our readers to find the coolest guitar shops in the US, and here are the first half of the results, in no particular order.

The 20 Coolest Guitar Shops in the US, Vol. 1
"We asked PG readers what is the coolest guitar shop they've been to in the US. And while long-gone favorites like Manny's Music (New York) and Black Market Music (San Francisco) came up again and again, there were even more current shops topping readers' favorites list. We compiled the 20 most mentioned stores and quickly realized there were too many great photos we'd have to cut in order to get them all in one gallery. So here's the first installment in no particular order. If you're wondering where your favorite is, it may be coming next time, or we might not be aware of it, so feel free to leave your faves in the comments section."

A recreation of George Harrison's '61 Sonic Blue Strat, hand-painted in psychedelic Day-Glo colors and affectionately named “Rocky.”

Read MoreShow less
x