IT House reported on May 16 that ONKYO, a famous Japanese audio equipment manufacturing company, has filed for bankruptcy in the Osaka District Court.The amount of liabilities is 3.1 billion yen (about 163 million yuan).
“Earnings have deteriorated due to a shrinking market and an increase in the size of[the business],” Onkyo’s bankruptcy attorneys told a May 13 news conference. Onkyo has about 500 creditors. About 250 of them were consumers who had pre-ordered amplifiers, etc. through crowdfunding, for which the company was unable to deliver products.
ONKYO is Japan’s largest audio equipment production company, founded in 1946,After entering the 2000s, with the popularization of Apple’s iPod and smart phones, its traditional HiFi products were severely impacted, resulting in a decline in performance.
Onkyo was delisted in August 2021 due to sluggish performance. To keep the company afloat, it sold its home-video business to Sharp and U.S. audio equipment giant VOXX in September of that year, as well as its headphone and headphone business to an investment fund. But in March of this year, the subsidiary that produced professional speakers declared bankruptcy because the debt could not be repaid.
IT Home understands that the joint venture between Sharp and VOXX will continue to use the “ONKYO” brand in the future.
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