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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULES 13d-1(b) AND (c) AND AMENDMENTS
THERETO FILED PURSUANT TO 13d-2(b)
(Amendment No. ___)*
Guitar Center, Inc.
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(Name of Issuer)
Common Stock $.01 par value
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(Title of Class of Securities)
402040 10 9
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(CUSIP Number)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP NO. 402040 10 9 SCHEDULE 13G PAGE 2 OF 12 PAGES
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NAME OF REPORTING PERSONS
1 IRS IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Raymond Scherr
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [x]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
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SOLE VOTING POWER
5
NUMBER OF
1,101,539
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
466,927. See disclaimer of beneficial ownership at
Item 9.
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 1,101,539
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
466,927. See disclaimer of beneficial ownership at
Item 9.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,568,466. These shares consist of: (i) 1,101,539 shares beneficially
owned by Raymond Scherr and Janet Scherr as trustees of The Scherr Living
Trust dated 4/3/90; (ii) 67,500 shares beneficially owned by Ray and Janet
Scherr Foundation (the "Foundation") of which Raymond Scherr is a
director; and (iii) 399,427 shares beneficially owned by Raymond Scherr's
brother, David Scherr, as trustee of The Raymond Scherr Annuity Trust and
The Janet Scherr Annuity Trust, each dated 8/30/96 (the "Trusts"). The
filing of this Schedule 13G shall not be construed as an admission that
Raymond Scherr is the beneficial owner of the shares held by the
Foundation or by David Scherr as trustee of the Trusts.
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
8.1%
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TYPE OF REPORTING PERSON*
12
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 12 pages
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CUSIP NO. 402040 10 9 SCHEDULE 13G PAGE 3 OF 12 PAGES
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NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Janet Scherr
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [x]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
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SOLE VOTING POWER
5
NUMBER OF
1,101,539
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
466,927. See disclaimer of beneficial ownership at
Item 9.
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 1,101,539
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
466,927. See disclaimer of beneficial ownership at
Item 9.
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,568,466. These shares consist of: (i) 1,101,539 shares beneficially
owned by Janet Scherr and Raymond Scherr as trustees for The Scherr Living
Trust dated 4/3/90; (ii) 67,500 shares beneficially owned by Ray and Janet
Scherr Foundation (the "Foundation") of which Janet Scherr is a director;
and (iii) 399,427 shares beneficially owned by Janet Scherr's brother-in-
law, David Scherr, as trustee of The Raymond Scherr Annuity Trust and The
Janet Scherr Annuity Trust, each dated 8/30/96 (the "Trusts"). The filing
of this Schedule 13G shall not be construed as an admission that Janet
Scherr is the beneficial owner of the shares held by the Foundation or by
David Scherr as trustee of the Trusts.
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
8.1%
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TYPE OF REPORTING PERSON*
12
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 3 of 12 pages
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CUSIP NO. 402040 10 9 SCHEDULE 13G PAGE 4 OF 12 PAGES
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NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Raymond Scherr and Janet Scherr as Trustees of The Scherr Living Trust
dated 4/3/90, a California trust
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [x]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
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SOLE VOTING POWER
5
NUMBER OF
1,101,539
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
-0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 1,101,539
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
-0-
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,101,539
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
5.7%
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TYPE OF REPORTING PERSON*
12
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 12 pages
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CUSIP NO. 402040 10 9 SCHEDULE 13G PAGE 5 OF 12 PAGES
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NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Ray and Janet Scherr Foundation, a California nonprofit public benefit
corporation
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [x]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
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SOLE VOTING POWER
5
NUMBER OF
67,500
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
-0-
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 67,500
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
-0-
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
67,500
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
0.3%
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TYPE OF REPORTING PERSON*
12
CO (non-profit)
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 5 of 12 pages
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ITEM 1.
(a) NAME OF ISSUER
Guitar Center, Inc., a Delaware corporation
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
5155 Clarenton Drive
Agoura Hills, CA 91301
ITEM 2.
(a) NAME OF PERSON FILING
The persons filing this Schedule 13G are(i) Raymond Scherr and Janet
Scherr as trustees of The Scherr Living Trust dated 4/30/90, (ii) Ray and
Janet Scherr Foundation, (iii) Raymond Scherr, and (iv) Janet Scherr
(collectively, the "Filing Persons").
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
1096 Lakeview Canyon Road
Westlake Village, CA 91362
(c) CITIZENSHIP
The responses of the Filing Persons to Item 4 of the cover pages to this
Schedule 13G that relate to the citizenships or places of organization of
such persons are herein incorporated by reference.
(d) TITLE OF CLASS OF SECURITIES
This filing is made in regard to Common Stock, $.01 par value per share,
of Guitar Center, Inc. (the "Common Stock").
(e) CUSIP NUMBER
402040 10 9
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(b), OR 13D-2(b),
CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or Dealer registered under Section 15 of the Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act,
(d) [ ] Investment Company registered under Section 8 of the Investment
Company Act,
Page 6 of 12 pages
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(e) [ ] Investment Adviser registered under Section 203 of the Investment
Advisers Act of 1940,
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of 1974
or Endowment Fund; see 13d-1(b)(1)(ii)(F),
(g) [ ] Parent Holding Company, in accordance with Rule 13d-1(b)(ii)(G);
see Item 7,
(h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
Not applicable.
ITEM 4. OWNERSHIP
(a) AMOUNT BENEFICIALLY OWNED
The responses of the Filing Persons to Item 9 of the cover pages that
relate to the aggregate amount beneficially owned by each Filing
Person are herein incorporated by reference.
(b) PERCENT OF CLASS
The percentage of Common Stock beneficially owned by the Filing
Persons is 8.1%. The percentages of outstanding Common Stock reported
in this Item 4(b) are based on the assumption that there were
19,338,073 shares outstanding as of December 31, 1997.
(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
The responses of the Filing Persons to Items 5 through 8 of the cover
pages that relate to the number of shares beneficially owned by each
Filing Person are herein incorporated by reference.
(i) SOLE POWER TO VOTE OR TO DIRECT THE VOTE:
(ii) SHARED POWER TO VOTE OR TO DIRECT THE VOTE:
(iii) SOLE POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF:
(iv) SHARED POWER TO DISPOSE OR TO DIRECT THE DISPOSITION OF:
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not applicable.
Page 7 of 12 pages
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ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
The Filing Persons have filed this Schedule 13G as a group pursuant to
Rule 13d-1(f). The identity of each member of the group is stated in
Exhibit 1 attached hereto. The Filing Persons entered into a Joint
Reporting Agreement dated May 19, 1998, pursuant to which they agreed
to file one joint statement on behalf of all of them with respect to
the subject matter of this Schedule 13G.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary
course of business and were not acquired for the purpose of and do not
have the effect of changing or influencing the control of the issuer
of such securities and were not acquired in connection with or as a
participant in any transaction having such purposes or effect.
Page 8 of 12 pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: June 2, 1998
/s/ Raymond Scherr
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Raymond Scherr
/s/ Janet Scherr
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Janet Scherr
/s/ Raymond Scherr
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Raymond Scherr, Trustee of
The Scherr Living Trust
Dated 4/3/90
/s/ Janet Scherr
----------------
Janet Scherr, Trustee of
The Scherr Living Trust
Dated 4/3/90
RAY AND JANET SCHERR FOUNDATION
By: /s/ Raymond Scherr
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Name: Raymond Scherr
Title: Secretary and Treasurer
Page 9 of 12 pages
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EXHIBIT INDEX
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SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER DESCRIPTION PAGE
========== ======================================== =============
1 Identification of Members of the Group........... 1
2 Joint Reporting Agreement dated May 29, 1998..... 2
Page 10 of 12 pages
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EXHIBIT 1
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IDENTIFICATION OF MEMBERS OF THE GROUP
1. Raymond Scherr
2. Janet Scherr
3. Raymond Scherr and Janet Scherr as Trustees of The Scherr Living Trust
dated 4/3/90
4. Ray and Janet Scherr Foundation
Page 11 of 12 pages
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EXHIBIT 2
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JOINT REPORTING AGREEMENT
In consideration of the mutual covenants herein contained, each of the
parties hereto represents to and agrees with the other party as follows:
1. Such party is eligible to file a statement or statements on Schedule
13G pertaining to the Common Stock, $.01 par value per share, of Guitar Center,
Inc., to which this agreement is an exhibit, for filing of the information
contained herein.
2. Such party is responsible for timely filing of such statement and any
amendments thereto and for the completeness and accuracy of the information
concerning such party contained therein, provided that no such party is
responsible for the completeness or accuracy of the information concerning any
other party making the filing, unless such party knows or has reason to believe
that such information is inaccurate.
3. Such party agrees that such statement is filed by and on behalf of
such party and that any amendment thereto will be filed on behalf of each such
party.
Dated: May 29, 1998
/s/ Raymond Scherr
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Raymond Scherr
/s/ Janet Scherr
----------------
Janet Scherr
/s/ Raymond Scherr
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Raymond Scherr, Trustee of
The Scherr Living Trust
Dated 4/3/90
/s/ Janet Scherr
----------------
Janet Scherr, Trustee of
The Scherr Living Trust
Dated 4/3/90
RAY AND JANET SCHERR FOUNDATION
By: /s/ Raymond Scherr
------------------
Name: Raymond Scherr
Title: Secretary and Treasurer
Page 12 of 12 pages
