Japan's old brand Onkyo files for bankruptcy May 19 , 2022

On May 13, 2022, the famous Japanese audio brand Onkyo (ONKYO) Home Entertainment submitted a bankruptcy lawsuit to the Osaka District Court. According to foreign media reports, Onkyo's current total debt is as high as 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 attorney for the bankruptcy administrator said at a May 13 news conference. Onkyo has about 500 creditors. About 250 of them were consumers who pre-ordered amplifiers, etc. through crowdfunding, for which the company failed to deliver products. Due to sluggish performance, Onkyo was delisted in August 2021. To keep the company afloat, it sold its home-audio 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. By March 2022, the two major subsidiaries involved in the OEM business of speakers have also filed for bankruptcy protection. Actual business activities are no longer possible. The joint venture between Sharp and VOXX will continue to use the "ONKYO" brand in the future.

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