It really comes to something when a brand as iconic as Gibson Guitars cant stay afloat!

Sad day indeed!
I am sure they will be resurrected but still not much bigger names than Gibson and Fender when it comes to guitars.
It may be a good thing.  They tried to diversify the Gibson brand into other products and borrowed a lot of money to do it.  Bad news for investors but it may get them focused back on making great guitars.
Rap has been the dominant music for young people for at least the past two decades - not Rock! All that is needed is a beat box - not a guitar! Sales have been declining despite overproduction! And Asian production at lower prices has undercut American companies for years. Why buy a high-priced US Gibson when an Asian-made Epiphone offers comparable quality at a fraction of the price!