The scuttlebutt says it is basically an accounting move, not a state of the company going the way of the dodo bird.
Where? In Sacramento county (pop. 1.5M) there are literally a handful of independent instrument shops and just one that has inventory comparable to GC. And why is it "Mom and Pop" deserve support anymore than any other business? They are all owned and operated by people.
No particular reason. Obviously I have no personal experience of GC, but the reports I hear tend to be about poor service and occasional sharp practice. Of course all these may carry the same weight as Trip Adviser reviews. I'm always up for some education.
If I am ever in the “big city” I have to pop in to see what they have. Drool over the $100,000 wall of guitars. But it is not my go to when I want to purchase anything more than strings, straps, etc.