"Our Guitar Center and Music & Arts division faced headwindsthroughout the quarter," said Marty Albertson, chairman and CEO.However, electric guitar sales are picking up, which bodes well forthe fourth quarter.
The chain is nearly finished with its 2007 expansion, which callfor opening 15 to 17 new units this year, Albertson added. Fourteennew stores have already opened this year.
The company still expects its $2.1 billion acquisition by BainCapital Partners LLC, announced in June, to close in the fourthquarter of this year. Guitar Center operates 210 Guitar Centerstores and more than 95 Music & Arts stores across the UnitedStates, as well as the Musician's Friend direct responsechannel.
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