Onkyo Home Entertainment, goodbye. The well-known Japanese brand, born in 1946 under the name of Osaka Denki Onkyo KK, has officially bankruptcy. Total liabilities are reported to hover around 23 million euros. A figure that the company has accumulated over the last few years, when it tried to raise its financial situation without obtaining any results. But let’s try to understand something more about Onkyo’s failure.
Onkyo: Company failure was inevitable
After trying in every possible way to get the financial situation back on track, Onkyo has officially declared its bankruptcy. In fact, already in 2019, the company had tried to sell the audio / video division to Sound United, with an agreement blown within a few months. Something similar, then, was repeated last year, when the VOXX International Corporation and the Sharp Corporation have acquired Onkyo’s Home Audio / Video. An acquisition that was not enough, as the company’s accounts continued to have rather serious problems.
Last March, two subsidiaries went bankrupt. And from that moment the company has limited itself to managing only one subsidiary already controlled, without moving beyond these narrow limits. As it turns out, Onkyo executives have been trying to save the business using the same business model but on a smaller scale. A strategy that was unsuccessful, as the company was forced into bankruptcy. The Onkyo brand, however, it could suffer a less dire fate. VOXX and Sharp, in fact, will continue to use it to launch on the market new audio / video products.