Yes, that Bain Capital. (They also own(ed) Dunkin' Donuts among other things.)

http://createdigitalmusic.com/2014/03/deep-debt-big-retailer-guitar-center-may-acquired/

While the biggest US name in pro audio made headlines last week with uncertain financial news, so, too, did the biggest US name in music retail.
Yes, we were so caught up watching Avid, makers of Pro Tools, Sibelius, and Media Composer, as they were dropped from NASDAQ and delayed earnings reports once again, we missed the latest on Guitar Center. The big box music giant may not be able to keep up with its debt. The Wall Street Journal [paywall] reports that the retailer’s largest creditor is in “advanced talks” with owner Bain Capital to take over the company. (That’s the same Bain Capital made famous by former Presidential hopeful Mitt Romney, yes.)

One element in common: both companies saw aggressive growth plans curtailed at least partly by the economic crisis. Guitar Center ran into trouble shortly after acquisition by Bain in 2007, growing head-first into a slowing US retail economy. Eric Garland, a writer, consultant, and “future trend analyst,” has some harsh words for the music store on his blog on the “transformational economy”:

[...]

Over-expansion seems to do in an awful lot of formerly decent companies. Of course, the banksters love it (because it makes them lots of money quickly), but the workers and the rest of us looking for reasonably stable economic progress over the long term, not so much. (Of course, retail has been changing for a while and it has always been a tough business - even moreso now with the changes in personal electronics.)

(via Christine Paluch on G+ - https://plus.google.com/u/1/101896915525351208408/posts/fG9mfMdL97j )

Cheers,
Scott.
(Who got J a Guild guitar at GC about 10 years ago.)