Japan’s long-standing electronics OEM1 producer, Funai Electric has started its bankruptcy proceedings, after receiving court approval on Thursday, as reported by Japanese media.
For the year ended March 2024, Funai Electric reported a net loss of 13.1 billion yen, or about US$86 million (~RM373 million), the company revealed in a press statement back in August.
Total liabilities stood at 46.1 billion yen, or over US$303 million (~RM1.315 billion).
Funai Electric was listed on the Tokyo Stock Exchange in 2000, and was eventually delisted in 2021.
The Japanese electronics maker, based in Daito, Osaka Prefecture, was known for its electronic products such as audio and video equipment, TVs, printers, air conditioners, as well as videotape players.
Founded in 1961, the company boasted a significant presence in Japan and abroad with its products that were sold around the world.
The company’s website says Funai Electric began manufacturing liquid crystal display TVs in 2002, which was a product with top share in the North American market.
However, it faced stiff competition from Chinese rivals in the aftermath of the 2008 global financial crisis which resulted in a slump in its North American market.
Local Japanese media reported that a scandal involving an overseas unit also weighed on the firm.
- OEM: Original Equipment Manufacturing ↩︎
