How does Onkyo continue to exist?
Audio company bankruptcy
According to reports, Onkyo has filed for bankruptcy. The companies to which the brand belongs are now responding to the allegations.
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It was reported in the press that the well-known manufacturer Onkyo was in bankruptcy and actually had no more room for manoeuvre.
The joint venture, which owns all the rights including development and marketing, contradicts this. This joint venture consists of Premium Audio Company and Sharp Corporation, Premium Audio Company said in a statement.
This association, which acquired the Onkyo rights from the Japanese Onkyo Home Entertainment Corporation, has existed since September 2021. The network also controls the fortunes of the brands Integra, Pioneer and other well-known brands.
The Premium Audio Company emphasizes in a press release that Onkyo Home Entertainment has been in bankruptcy proceedings since May 13, but this “does not affect the company assets previously acquired by the Premium Audio Company and Sharp”, which is why it does not include further “marketing of Onkyo and Integra”.
On the contrary: The “Premium Audio Company with Onkyo, Integra and Pioneer is very successful”. Media reports to the contrary are “misleading”. However, it was already known that the Onkyo brand should continue to be used.
How it looks with the independent development and production, however, seems still open. Persistent liquidity and sales problems, however, point to an end to the company’s own production. The Premium Audio Company is a subsidiary of Voxx International Corporation based in Florida.
Source: www.voxxintl.com
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Reference-www.pc-magazin.de
