- This topic is empty.
-
Posts
-
Funai Goes Bust, Enters Bankruptcy Proceedings.
Tokyo, Oct. 24—Funai Electric Co., a Japanese manufacturer of various electronic goods such as TV’s, printers and even toners, has received court approval for its bankruptcy plan, according to credit research firm Teikoku Databank Ltd.Based in Daito, Osaka, Funai reported liabilities of approximately 46.1 billion yen. Founded in 1961, the company once held a strong position both in Japan and internationally as an original equipment manufacturer.
However, Funai faced challenges from a downturn in the North American market and increasing competition from Chinese firms following the 2008 global financial crisis. Additionally, a scandal involving an overseas unit further impacted the company.
In 2021, Funai was acquired by Shuwa System Holdings Co. and subsequently went private. The company’s financial troubles were exacerbated by its beauty salon division’s failure to pay advertising fees.
- You must be logged in to reply to this topic.