Fender Musical Instruments’ CEO Andy Mooney says a boom in guitar sales is happening during the coronavirus pandemic.
Business was looking pretty grim for Fender Musical Instruments Corp., the legendary guitar maker, when the coronavirus pandemic reached U.S. shores last March. Suddenly, 90% of its worldwide dealers’ physical stores closed, as did many of its online sellers’ distribution centers. Fender’s factories in Corona, California, and Ensenada, Mexico, shut down, furloughing hundreds of employees. Its headquarters in Scottsdale, Arizona, shuttered, as did its Hollywood hub, where CEO Andy Mooney and his management team work.
“We were looking over the edge of an abyss, frankly, and went into company preservation mode,” Mooney told CNBC in late October, while still running things from his home in L.A. after summering in Long Island. He and every other one of Fender’s roughly 2,000 employees took up to 50% pay cuts. “We just tightened our belt.”
Well, in the topsy-turvy…