NEW YORK (AP) — The guitar-maker Fender, finding itself playing before a hostile crowd, is reversing course on becoming a publicly traded company.

The company, whose guitars have been wielded by Bob Dylan and Bruce Springsteen and set afire by Jimi Hendrix, said late Thursday that economic strife, particularly in Europe, has created a poor environment for an initial public offering.

Fender had originally filed its plans to go public in March. The cancellation is a blow to an IPO market that has been moribund since Facebook Inc.'s bumpy offering in May.

Fender Musical Instruments Corp. was founded in 1946 by Leo Fender and the company created the Telecaster and Stratocaster guitars in the 1950s. It is based in Scottsdale, Ariz.