Onkyo has filed for bankruptcy. The Japanese brand has been a fixture of the hi-fi scene since 1946, but couldn't meet shifting consumer demand.
The firm filed at Osaka District Court on Friday, with total liabilities of around 3.1 billion yen ($24 million), Nikkei (opens in new tab) reports.
However, the Onkyo name will live on. In September, it sold its core home AV business to Sharp and the US-based Voxx International, and its earphones and headphones business to an investment fund. The Onkyo brand will live on in a joint venture between Sharp and Voxx.
The Osaka-based company was delisted in August. Two subsidiaries handling Onkyo's OEM (original equipment manufacturing) and sales filed for voluntary bankruptcy in March.
Onkyo made its name making classic hi-fi kit like speakers and turntables, and later AV receivers. Recent products such as the A-9010 successfully continued the company's good name.
The first indication that all was not rosy came in 2019 when Onkyo tried and failed to sell its audio business to Sound United – owner of Denon and Marantz – for a reported $73m (approx £53m, AU$95m). The company subsequently tried to keep doing business on a smaller scale, but couldn't stop its worsening cash flow problems, the firm told Nikkei.
Tightening the belt? These are the best budget speakers