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You are here: Home / Archives for bankruptcy

bankruptcy

Final Curtain Falls as Main Onkyo Company Declares Bankruptcy

May 13, 2022 by Ted 17 Comments

Onkyo system on display in Japan
Onkyo system on display in Japan [PHOTO: The Nikkei]

BREAKING NEWS

Today in Osaka District Court in Osaka, Japan, Onkyo Home Entertainment Co. Ltd. (formerly Onkyo Corp.) filed for bankruptcy ending a long and storied history of innovative audio products. The action was taken less than a month after the company declared bankruptcy for two of its major subsidiaries in April. Now, the parent company has fallen as well…

See more on the Onkyo bankruptcy…

[Read more…] about Final Curtain Falls as Main Onkyo Company Declares Bankruptcy

Filed Under: Financial, Industry Trends, Management, Manufacturers, News, Strategy Tagged With: bankruptcy, Onkyo, Takeshi Godai

Osaka District Court Approves Onkyo Bankruptcy Petition for Two Subsidiaries

April 20, 2022 by Ted 4 Comments

Onkyo Home Entertainment Co. Ltd. (Onkyo) has announced that its two consolidated subsidiaries – Onkyo Sound Co. Ltd. (ONS) and Onkyo Marketing Co. Ltd (OMC) – have filed for bankruptcy. The company said that it had petitioned the court to begin bankruptcy proceedings for these divisions and has received judicial approval to begin the bankruptcy process from the Osaka District Court in Osaka, Japan.

See more on the bankruptcy of these Onkyo subsidiaries

[Read more…] about Osaka District Court Approves Onkyo Bankruptcy Petition for Two Subsidiaries

Filed Under: Asian Connection, Financial, Management, Manufacturers, News, Strategy Tagged With: 11 Trading Company, bankruptcy, Klipsch, Onkyo, Premium Audio Company, Sharp, Voxx International

Onkyo Announces Two Subsidiaries Will Cease Operations & File for Bankruptcy

February 17, 2022 by Ted 5 Comments

One of the products to be sold in Onkyo’s new direct-to-consumer business

Onkyo Home Entertainment Company Ltd. (formerly Onkyo Corp.) has announced that two of its consolidated subsidiaries will cease operations and file for bankruptcy. It is yet another dramatic development in the company’s effort to stop the bleeding and stabilize the company. But substantial concerns exist about the company’s ability to continue as a going concern.

Learn more on these shuttered Onkyo subsidiaries

[Read more…] about Onkyo Announces Two Subsidiaries Will Cease Operations & File for Bankruptcy

Filed Under: Asian Connection, Financial, Management, Manufacturers, News, Strategy Tagged With: bankruptcy, Onkyo

Judge Approves Reorg Plan by AVDG Parent Guitar Center

December 30, 2020 by Ted Leave a Comment

Photo of Guitar Center store in Albany, NY
[Photo: Gabby Jones/New York Times]

Company to Exit Bankruptcy Soon

The judge hearing the matter of the bankruptcy filing of Guitar Center, Inc., parent company of custom integration company Audio Visual Design Group (AVDG), has accepted the organization’s plan to reorganize operations in order to emerge from bankruptcy. With this move by the court, the stage has been set for Guitar Center to exit from bankruptcy proceedings soon, perhaps any day now.

See what the court’s action means for Guitar Center & AVDG…

[Read more…] about Judge Approves Reorg Plan by AVDG Parent Guitar Center

Filed Under: Brands, Financial, Integrators, Management, News, Retailers, Strategy Tagged With: Audio Visual Design Group, AVDG, Bain Capital, bankruptcy, Guitar Center

Swan Song for Thiel: Total Liquidation Has Begun

May 29, 2019 by Ted 2 Comments

Thiel TM3 in the auction

The long sad saga of Thiel is just about over for good. Having entered bankruptcy in October 2018, an auction house has finally been selected and started the process of liquidating all that remains of the former Nashville, Tenn-based Thiel…including Thiel Loudspeakers, Aurora by Thiel wireless music systems, and detritus from the Aurora Studio live streaming music studio.

Hot deal – cold brand: The Thiel liquidation…

[Read more…] about Swan Song for Thiel: Total Liquidation Has Begun

Filed Under: Brands, Financial, Manufacturers, News, Products, Shows & Events Tagged With: bankruptcy, high-end, Jim Thiel, Kathy Gornik, liquidation, Thiel, Thiel Audio, Tom Thiel

Gibson’s Speedy Bankruptcy Exit Hits a Big Roadblock

December 19, 2018 by Ted Leave a Comment

Gibson's G-Force auto-tunerI have to admit, Strata-gee was considering moving on from its Gibson Brands (Gibson Guitar) coverage, first started in 2012 when the company made several acquisitions as part of an ill-advised foray into the consumer electronics business. As delineated in our copious coverage, Gibson CEO Henry Juszkiewicz turned to OPM (other people’s money) loading the company up with over half a billion dollars in debt to pursue a business in which the company had no expertise…ultimately resulting in Gibson’s bankruptcy filing in May of this year.

Gibson’s major creditors banded together, put together what some would call a pre-packaged bankruptcy plan and looked as though they would exit bankruptcy late November/early December. They were wrong. As they tried to power out of bankruptcy, they hit a brick wall – the United States Trustee who has filed a serious objection to their motion to exit bankruptcy.

Now what? See what the U.S. Trustee objects to in Gibson’s plans… [Read more…] about Gibson’s Speedy Bankruptcy Exit Hits a Big Roadblock

Filed Under: Brands, Financial, Manufacturers, News, Strategy Tagged With: bankruptcy, Gibson, Gibson Brands, Gibson Guitar, Henry Juszkiewicz, KKR

Gibson, Protected from Creditors, Still Loses Money

July 6, 2018 by Ted Leave a Comment

News of Gibson’s $10M Monthly Loss Gives Some Pause

Photo of Gibson CES promoGibson Brands, Inc. declared bankruptcy on May 1, 2018, thereby placing themselves in Chapter 11 protection from creditors. Now under the guidance of bankruptcy court, the company buys itself time to put a plan together to present to the judge offering a path out of bankruptcy for the company. During this time, debts are frozen until the judge determines the final disposition – a disposition that typically includes some level of payment to debtors, both secured and unsecured.

So how is Gibson doing? According to a story by the Nashville Post, Gibson posted a loss of nearly $10 million in May – its first month under bankruptcy court protection from creditors.

See more on the bumpy bankruptcy road upon which Gibson finds itself… [Read more…] about Gibson, Protected from Creditors, Still Loses Money

Filed Under: Financial, Management, News, Strategy Tagged With: bankruptcy, Gibson, Gibson Brands, Gibson Guitar, Gibson Pro Audio, Henry Juszkiewicz

Painting the Gibson Bankruptcy by the Numbers

May 17, 2018 by Ted Leave a Comment

Gibson Memphis facility artworkWe have been closely following – first Gibson Guitar and then Gibson Brands – from their decision in 2012 to shoot for the stars by using OPM (other people’s money) to make highly leveraged…and highly questionable…acquisitions of various consumer electronics brands (a category in which the CEO and his team had no experience) to their recent 2018 bankruptcy. Gibson was trying to diversify their musical instrument business into something that now former CEO Henry Juszkiewicz called a music lifestyle brand. Instead, they wound up in bankruptcy.

Let’s look at what some of the numbers in the Gibson filings reveal… [Read more…] about Painting the Gibson Bankruptcy by the Numbers

Filed Under: Asian Connection, Brands, Financial, Manufacturers, Marketing, News, Pivot Point Tagged With: bankruptcy, Gibson Brands, Gibson Guitar, Henry Juszkiewicz, Philips

Docs Show Gibson Bankruptcy Bigger Than You Think

May 2, 2018 by Ted 2 Comments

Photo of Gibson CES promoFounded in 1894, it is a mark of their long-term brand success that Gibson has become such a large and far-flung international organization. In a cursory review of documents submitted to the court as part of their bankruptcy filing shows, legendary performers such as Muddy Waters, BB King, Elvis Presley, Pete Townsend, Keith Richards, Duane Allman, Elvis Costello, Lenny Kravitz, Slash, Dave Grohl, Joe Bonamassa all used various Gibson products that, in some cases, became a signature of that performer. And yes, the bankruptcy filing promotes these iconic names.

But from these Gibson filings, we’ve learned so much more… [Read more…] about Docs Show Gibson Bankruptcy Bigger Than You Think

Filed Under: Asian Connection, Brands, Financial, Management, Manufacturers, News, Pivot Point, Strategy Tagged With: bankruptcy, David Berryman, Gibson Brands, Gibson Guitar, Henry Juszkiewicz, Integra, Onkyo, Tascam, Teac

Radio Shack’s 2nd Bankruptcy in 2 Years; The Era of The Gadget is Over

March 9, 2017 by Ted 4 Comments

Radio Shack sign
REUTERS/Brendan McDermid

In yet another clear sign that the era of the gadget is over, once prodigious gadget-seller Radio Shack files for bankruptcy on Wednesday…again. This is the second bankruptcy filing for the company in just two years. A strategy of partnering with Sprint didn’t produce the revenue the new owner’s anticipated and this second filing was unavoidable. So what happens now?

See what is in store for wounded giant Radio Shack… [Read more…] about Radio Shack’s 2nd Bankruptcy in 2 Years; The Era of The Gadget is Over

Filed Under: Brands, Financial, Management, News, Pivot Point, Retailers, Strategy Tagged With: bankruptcy, Radio Shack, Sprint

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Ted Green Bio

A former dealer, manufacturer, distributor & more. Focusing on business strategy, my goal is to help you make better decisions for greater success.

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