The Japanese manufacturer of audio equipment “Onkyo Home Entertainment” he has declared failure due to total liabilities of approx 3.1 billion yen (about 23 million euros). Among the causes of the failure, certainly the change of habits among music userswhich in recent years have increasingly preferred to use smartphones to listen to music.
In this regard, the company told Nikkei “that it tried to keep the business on a small scale but failed to prevent the cash flow problems from getting worse.” Other rescue attempts were also made, however, it was not enough to keep society alive.
In any case, the Onkyo brand will survive the bankruptcy of the parent company. In fact, the main business of the company was sold to Voxx e Sharpwhich will continue to offer products for the audio / video market like stereo amplifiers.