TOKYOOctober 25 (News On Japan) – Funai Electric, a company once called ‘The World’s FUNAI’, filed for bankruptcy proceedings in the Tokyo District Court on October 24.
According to Teikoku Databank and other sources, Funai Electric had expanded its liquid crystal television business and gained market share in North America, earning it the nickname “The World’s FUNAI.”
However, the company experienced a decline in sales due to the rise of Chinese and Taiwanese manufacturers. It was reported that delays in debt repayment and difficulties in obtaining materials also worsened the situation.
At the end of its fiscal year in March, the company’s debt stood at about 46.1 billion yen.
Source: ANN
