Guitar sales have been on the decline in recent years. Some experts attribute that to the popularity of electronic, and virtual instruments. One of the world's most iconic manufacturers of musical instruments is in financial trouble. Gibson, the manufacturer of the legendary Les Paul guitar, is staring down the barrel of chapter 11 bankruptcy. The company's chief financial officer, Bill Lawrence left the company after only six months on the job, according to the Dayton Daily News. The company has sought to boost cash flow through purchasing several electronics companies in recent years. They've also sold off the Baldwin Piano Company. On a personal note, this is depressing news.