The Japanese audio equipment manufacturer Onkyo Home Entertainment has to file for bankruptcy. As “Nikkei Asia” reports, a corresponding application was submitted to a court in Osaka. The company had been struggling with financial problems for some time.
The reason for the difficulties is likely to be found in the changed listening habits of the users. While stereo systems, once Onkyo’s core business, were of great importance in the past, music is now increasingly consumed via smartphone. The company was apparently unable to keep up with this development.
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Onkyo was already delisted from the stock exchange in August 2021. In addition, two subsidiaries filed for bankruptcy last March. According to the bankruptcy filing, Onkyo owes about $24 million.
However, the Onkyo brand is not expected to disappear completely from the market. The company has sold its audiovisual equipment business to Sharp and Voxx International. The joint venture is expected to continue using the Onkyo name.
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The original of this article “Electronics manufacturer Onkyo is insolvent” comes from chip.de.
