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Gretsch seems to be doing alright. But IIRC FMIC is merely responsible for distributing Gretsch . . . Gretsch itself is owned by an elderly Gretsch descendant (Fred Gretsch III, or something like that).
Maybe Guild would do better under that business model, rather than being owned outright by FMIC.
Gretsch is still separately owned but is managed by FMIC (hence my reference to "managed" in my original post. And my understanding is that the vast bulk of Gretsch production is now in Asia--even much of the high end stuff, which is built in Japan.