Reportedly $500 million in debt, the Gibson guitar company has filed for Chapter 11 bankruptcy protection in the US. The decline in the company's fortunes is said to be linked to the failure of its consumer electronics business overseas, which has sustained serious losses over a substantial period of time. That business include the Philips brand, bought by Gibson for a reported $135 million, in an attempt to diversify into a wider Lifestyle Brand. That ambitious plan, devised by the CEO Henry Juszkiewicz, now lies in ruins.

The roll call of legends who have played Gibson guitars is sufficient to fill a book!

Among the more memorable in recent history are Angus Young of Australian rock band AC/DC, who plays a white Gibson SG guitar, echoed in the 2003 film School of Rock in which Jack Black also touts a Gibson SG.

James Alan Hetfield, rhythm guitarist with Metallica uses a white Gibson 'Flying V'; Keith Richards of The Rolling Stones had a custom Les Paul; and Jimmy Page of Led Zeppelin also played a Gibson Les Paul.

Among the most iconic guitars in the history of music was the one dubbed Lucille by the great blues guitarist B. B. King. Of course there was more than one Lucille! Originally, King bought a Gibson ES-335 for $30. He named the guitar Lucille after a fight broke out over a woman of that name, and the venue went on fire, requiring B. B. to risk his life to recover it.

The official 'Gibson Lucille 'was based on the Gibson ES-355TD-SV, and was manufactured from 1980 to 1985. A short run of 80 Gibson Lucilles was launched to coincide with King's 80th birthday, in 2005.

Needless to say, these examples are just the tip of a huge iceberg. Gibson guitars are dotted through history in rock, jazz, country and metal, thanks to the characteristically solid assembly and unique designs of the guitars.

Now, however, the Nashville-based company, founded in 1894, has reported that in addition to filing for bankruptcy, it will also be closing the Philips branch of the company that manufactures headphones and other electronic equipment.

Thankfully, guitar aficionados can breathe a sigh of relief: there are no plans to cease guitar production. But with the shift to electronically driven and created music, it remains to be seen if Gibson can effectively renew its appeal and reclaim the heights as one of the world's most iconic music brands.