they're a "branch" of gibson that makes "exact" (in terms of look) copies of gibsons for ppl who cant afford to buy the ex gibbys......using cheaper materials and cheaper labour (korea/china)
tany's partly correct ...
i read at epiphones' webbie tt after epi's(founder of tt brand..real name epi) death,his family who inherited tt epiphone company..i think something happened amongst them n they sold it away in the end...man,i think most descendants of BIG companies dont really handle the family treasure well...
but hey,some guitarists out ther(e.g. the black-haired guitarist of my chemical romance) use epi[hone instead of gibson...