In February, reports surfaced that Gibson, one of the most iconic guitar companies in history, was facing bankruptcy. On Tuesday (5/1), Gibson Brands officially filed for Chapter 11 bankruptcy protection. USA Today reports:

The company that makes Gibson guitars and Baldwin pianos filed for Chapter 11 bankruptcy protection early Tuesday amid what it called a "devastating" financial fall.

Nashville, Tenn.-based Gibson Brands requested court protection from its creditors, saying it had support from many of them for a deal that would allow the company to survive.

Founded in 1894, the company said it planned to continue designing, building and selling musical instruments and equipment, including other brands such as Wurlitzer, Dobro, Epiphone, KRK and Cerwin Vega.

But the company said it would kill its Gibson Innovations unit, which makes Philips-branded headphones, speakers and other electronic accessories.

Gibson's famous electric guitars include the Les Paul, the SG, the Flying V, the Explorer, the ES series, and more. B.B. King, Elvis Presley, Pete Townshend, Tony Iommi, Billy Corgan, Tom Petty, Robby Krieger, Slash, and Bob Weir are among the many notable musicians who have played Gibson guitars.