Funai Electric Goes Bust

Tokyo, Oct. 24 (Jiji Press)--Funai Electric Co., a Japanese maker of audio and video equipment, received court approval of its bankruptcy plan on Thursday, Teikoku Databank Ltd., a credit research firm, said.

Funai, based in Daito in the western prefecture of Osaka, had some 46.1 billion yen in liabilities, Teikoku Databank said.

Founded in 1961, the company had boasted a significant presence in Japan and abroad as an original equipment manufacturer.

But the company struggled with a slump in the North American market and competition from Chinese rivals following the global financial crisis of 2008. A scandal involving an overseas unit also weighed on Funai.

Funai was acquired by Shuwa System Holdings Co. and went private in 2021. The company's finances were also hit by the failure by a beauty salon unit to pay advertising fees.

[Copyright The Jiji Press, Ltd.]