Baldwin Piano Company

The Baldwin Piano Company began manufacturing and selling its first upright piano in 1891, and began selling a grand piano in 1895. Founded by Dwight Hamilton Baldwin, a teacher of piano, organ and violin, and later a piano dealer, the company became the largest manufacturer of pianos in the United States. In the 1980s filed one of the largest bankruptcies in the history of the United States. http://www.fundinguniverse.com/company-histories/Baldwin-Piano-amp;-Organ-Company-Company-History.html

Baldwin began his piano dealership in 1862 - a prelude to the manufacturing company - with $2000 he saved from seven years of teaching music in Cincinnati, Ohio. They sold several lines of pianos, including Steinway, but when they lost the franchise for Steinway in 1887, they decided to design and build their own piano and sell it under the Baldwin name. http://www.fundinguniverse.com/company-histories/Baldwin-Piano-amp;-Organ-Company-Company-History.html Eventually pianos were sold under other names as well, including Wurlitzer, Chickering, and ConcertMaster. http://www.business.com/directory/media_and_entertainment/music/instruments/baldwin_piano_and_organ_company/profile/

The Baldwin Piano Company received recognition and top honors at the 1904, 1914, 1958, 1964, and 1964-65 World's Fairs, and became the choice instrument for numerous famous artists, including Leonard Bernstein, Liberace, Dave Brubeck, and Zubin Mehta. http://www.fundinguniverse.com/company-histories/Baldwin-Piano-amp;-Organ-Company-Company-History.html The company experienced growth throughout the late 1890's and into the early 20th Century, much of it fueled by the player pianos that they sold. The Great Depression saw the player piano market dry up, and sales in general shrink, but cash reserves held by the company allowed it to weather the economic situation and resume full production following World War II. http://www.search.com/reference/Baldwin_Piano_Company/

The Baldwin Piano Company's descent into bankruptcy and its ultimate purchase by the Gibson Guitar Corporation began with its increased involvement in the financial services industries. The company had long financed pianos that is sold to its dealers, and in the 1960's further invested in financial services, going as far as to purchase a bank. The financial services ran into difficulty in the early 1980s, and the company filed for bankruptcy. A team of senior Baldwin executives bought the company and ran it succesfully for a time. http://query.nytimes.com/gst/fullpage.html?res=9B0DE5D91E3FF934A1575AC0A961948260&sec=&spon=&pagewanted=3 However, in 2001, after further financial difficulties, the company was purchased by the Gibson Guitar Corporation. http://articles.latimes.com/2001/nov/02/business/fi-64517