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Onkyo files for Bankruptcy

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juneaki:
Classic Japanese audio brand Onkyo files for bankruptcy

https://asia.nikkei.com/Business/Companies/Classic-Japanese-audio-brand-Onkyo-files-for-bankruptcy?utm_source=zemanta&utm_campaign=BA_PH_pc&utm_medium=referral&utm_content=RSSfeed&zpbid=11497_f2a6cbb8-d584-11ec-b9cd-b352921b8405

Japanese audio equipment maker Onkyo Home Entertainment filed for bankruptcy at Osaka District Court on Friday, with total liabilities of around 3.1 billion yen ($24 million).

The Osaka-based company was delisted in August. It was unable to keep pace with changes in how people listen to music, as users shift from audio equipment like compact stereo systems -- once Onkyo's core business -- to devices like smartphones for streaming services.

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