Classic Japanese Audio Brand Onkyo Files For Bankruptcy

Onkyo, one of the best-known Japanese manufacturers of home theater equipment, has 'filed for bankruptcy at Osaka District Court on Friday, with total liabilities of around 3.1 billion yen ($24 million),' reports Nikkei Asia. The report is sparse on details but attributes the bankruptcy to a 'market shift to streaming and smartphones.'

In mid-2020, Onkyo USA Corporation ended a 45-year run as Onkyo's exclusive sales, marketing and distribution division for the Americas, according to Audioholics.

Onkyo has appeared in a few stories on Slashdot over the years. Our personal favorite was a story in 2003 about a new use of embedded Linux in Onkyo's home music server.

Read more of this story at Slashdot.