One of the world's most iconic manufacturers of musical instruments is going bankrupt. USA Today reports, the legendary Gibson guitar company has filed for chapter 11 bankruptcy reorganization. Gibson guitars are the stuff of legend. Virtually all the greats, BB King, Jimmy Page, Jeff Beck, Eric Clapton, Keith Richard, and a host of others have played the iconic brand over the years. Guitar sales have been on the decline in recent years. Some experts attribute that to the popularity of electronic, and virtual instruments. The company Owns several electronics brands, and is expected to survive the reorganization process.