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Premium Audio Company's Response to Misinformation Regarding Onkyo Backruptcy Filing


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Some misinformation is circulating about Onkyo Home Entertainment's recent bankruptcy filing with regards to Premium Audio Company. The good news is that our PAC umbrella company bought the intellectual property to Onkyo and Integra in a joint venture with Sharp last year and the legendary Onkyo and Integra brands will live on for decades to come. Read the official statement➡️: https://www.klipsch.com/news/pac-response-to-onkyo-bankruptcy-filing

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The electronics manufacturer Onkyo is one of the best-known hi-fi brands of all, but currently one must speak of heard. Because the audio specialist from Osaka is bankrupt, the total liabilities amount to about 3.1 billion yen, which is just under ten million euros.

 

Onkyo Home Entertainment filed for bankruptcy at the end of last week, and the company was already delisted from trading on the stock exchange last August. As Nikkei Asia reports, the manufacturer, founded in 1946, became a victim of changing listening habits, among other things: Because in times of streaming, more and more people listen to music on mobile devices and comparable hardware. Meanwhile, the market for classic audio equipment, including compact stereo systems, is shrinking rapidly. Onkyo's attempts to conquer the mobile market, however, failed.

 

This is not the first bankruptcy related to Onkyo. Already in March, two subsidiaries, which on the one hand were responsible as original equipment manufacturers (OEM) for the production or assembly of, for example, loudspeakers for other brands, and on the other hand were active in the distribution of audio equipment, filed for insolvency.

Since then, Onkyo has maintained only a rump operation, which took care of the management of a subsidiary that had already been sold. Already in September of the previous year, the core business with audio-visual equipment for home use was sold to Sharp and Voxx International, and the business with earphones and headphones was sold to an investment fund

 

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