Gibson brands is set to relocate its Memphis operations to a smaller location and plans to sell the massive facility that it currently calls home.
The Nashville-based guitar maker opened the Memphis facility 18 years ago, which currently occupies just a portion of a massive 127,620 square foot complex. According to the Memphis Daily News, Gibson plans to search for a new facility for its Memphis operations and will stay in the current spot for the next 18 to 24 months. The facility, which sits across from Fedex Forum along South B.B. King Boulevard, is expected to list for $17 million.
Since its opening, the Gibson Memphis shop has mostly focused on building hollow and semi-hollowbody guitars, such as the famed ES series. Presumably, this shuffling of assets is meant to address Gibson's well-publicized financial troubles.
Update: Gibson issued a press release about the move, with CEO Henry Juszkiewicz stating:
"We are extremely excited about this next phase of growth that we believe will benefit both our employees, and the Memphis community. I remember when our property had abandoned buildings, and Beale Street was in decline. It is with great pride that I can see the development of this area with a basketball arena, hotels, and a resurgent pride in the musical heritage of the great city of Memphis. We continue to love the Memphis community and hope to be a key contributor to its future when we move nearby to a more appropriate location for our manufacturing based business, allowing the world the benefit of our great American craftsmen."