Electronics maker Onkyo (one of the best-known hi-fi brands) gives up and ceases to exist. The audio specialist from Osaka went bankrupt with total passive capital of about 3.1 billion yen, or just under ten million euros.

The company filed for bankruptcy at the end of last week after being fired from the stock market last August. According to Nikkei Asia, the producer in 1946 became a victim of changing listening habits. After all, in times of streaming, more and more people are listening to music on mobile devices and similar hardware. Partly as a result of this, Onkyo’s attempts to gain a foothold in the mobile market have been unsuccessful, while the classical audio equipment market has already contracted sharply.

In September of last year, Onkyo sold its core home audio-visual equipment business to Sharp and Voxx International and its headphone and headphone business to a mutual fund. Onkyo told Nikkei he was “trying to keep the business on a smaller scale, but hasn’t been able to stop his cash flow problems from getting worse.”

Remarkably, Onkyo is unlikely to disappear entirely, moreover, Sharp and they are planning a joint venture that will continue to use the Voxx brand name.

Source: Win the future

Source: Hardware Info

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