Japan’s Funai Electric begins bankruptcy proceedings
The company, which made audio and video equipment, had some 46.1 billion yen (USD 303.6 million) in liabilities.
Japan’s Funai Electric has received court approval for its bankruptcy plan, according to credit research firm Teikoku Databank.
The company, which made audio and video equipment, had some 46.1 billion yen (USD 303.6 million) in liabilities.
For the year ended March 2024, it reported a net loss of 13.1 billion yen (USD 86 million), according to a media release in August.
Funai Electric was acquired by Shuwa System Holdings and went private in 2021.
Founded in 1961, Funai had a significant presence in Japan and overseas.
Based in Daito, Osaka Prefecture, it was known for its audio and video equipment, TVs, air conditioners, printers and videotape players.
It started making liquid crystal display TVs in 2002, gaining market share in North America.
Its struggles began after a downturn in the North American market and increasing competition from Chinese.
Funai Electric was the last company in Japan to continue making video cassette recorders (VCRs). It stopped making the devices in July 2016. During its heyday it sold up to 15 million VCRs a year.
