Japanese Audio Equipment Maker Onkyo Files For Bankruptcy

Japanese audio equipment maker Onkyo Home Entertainment Corp. has filed for bankruptcy with some 3.1 billion yen (about $24 million) in total liabilities, the company announced, Mainichi Japan reported.

Photo Insert: Due to a decline in earnings, Onkyo had been struggling with cash management.

The firm, based in the Osaka Prefecture city of Higashiosaka, filed for the commencement of bankruptcy proceedings with the Osaka District Court, and its petition was accepted, the company said.

Besides its Onkyo brand, the firm also has the Pioneer brand under its umbrella. Due to a decline in earnings, Onkyo had been struggling with cash management.

Pioneer is a well-known brand used mostly by car manufacturers and audiophiles in the Philippines but like other audio equipment makers, their fortunes skidded with the deluge of smartphones capable of music streaming from Spotify and other apps.

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