Fender Musical Devices' CEO Andy Mooney says a growth in guitar gross sales is occurring through the coronavirus pandemic.Henry DiltzEnterprise was
Fender Musical Devices’ CEO Andy Mooney says a growth in guitar gross sales is occurring through the coronavirus pandemic.
Enterprise was trying fairly grim for Fender Musical Devices Corp., the legendary guitar maker, when the coronavirus pandemic reached U.S. shores final March. Instantly, 90% of its worldwide sellers’ bodily shops closed, as did lots of its on-line sellers’ distribution facilities. Fender’s factories in Corona, California, and Ensenada, Mexico, shut down, furloughing lots of of workers. Its headquarters in Scottsdale, Arizona, shuttered, as did its Hollywood hub, the place CEO Andy Mooney and his administration staff work.
“We have been trying over the sting of an abyss, frankly, and went into firm preservation mode,” Mooney informed CNBC in late October, whereas nonetheless working issues from his dwelling in L.A. after summering in Lengthy Island. He and each different considered one of Fender’s roughly 2,000 workers took as much as 50% pay cuts. “We simply tightened our belt.”
Effectively, within the topsy-turvy world that Covid-19 has wrought, Fender’s unhealthy fortunes have since turned the other way up — to the merry melody of record-setting gross sales, estimated by Mooney to prime $700 million this 12 months, rising almost 17% from final 12 months’s greater than $600 million. “We’re anticipating 2021 being one other file 12 months,” he predicted, “irrespective of how the pandemic performs out.”