The article I posted above suggests that Gibson's problems were primarily business decisions that didn't pan out, i.e., expansion/diversification away from guitars. Those businesses and the credit issues created by leverageing caused some major problems for the company. Still, the guitar business remained healthy with annual sales approaching 200,000.
But there's no question 'music' has changed and with it the guitar business:
"The industry faces threats from changing musical tastes, online commerce, and the instrument’s own durability. But new talent offers hope."
Played out? Gibson's bankruptcy fuels fears for the guitar's future https://www.thttps://www.theguardian.com/music/2018/may/04/gibson-guitar-bankruptcy-ed-sheeran-martin
"It takes a lot of devotion and work, or maybe I should say play, because if you love it, that's what it amounts to. I haven't found any shortcuts, and I've been looking for a long time."
-- Chet Atkins
-- Chet Atkins