Guitar Center Inc. said today that it has received bankruptcy court approval to acquire The Woodwind & The Brasswind, an Internet and direct music retailer. Through its Musician’s Friend division, Guitar Center will acquire the retailer’s inventory, accounts receivable, fixed assets, trade names and other assets for about $29.9 million. It will also assume about $2 million in liabilities. Woodwind & Brasswind sells band, orchestra and combo instruments, products that will expand Guitar Center’s assortment and its direct response band and orchestra business. Westlake Village-based Guitar Center said the transaction is expected to close this month. Woodwind and Brasswind filed for bankruptcy protection in Indiana in November. Guitar Center also said that it would delay announcing its financial results until February 26 as a result of the time spent on the acquisition. The company also wants to include the anticipated impact of the acquisition in its financial report.
