Guitar Center Filing For Bankruptcy Protection

BOSTON (CBS) -- Guitar Center is filing for Chapter 11 bankruptcy protection, but the chain plans to stay in business. The largest musical instrument retailer in the United States has been struggling for years.

The company recently announced an agreement to restructure its debt.

There are about 300 Guitar Center stores nationwide, including eight in Massachusetts and three in New Hampshire.

The deal also covers the chain's "Music & Arts" stores.