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Onkyo Corp. is Insolvent; Now It’s in a Struggle to Survive

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image from Onkyo report on Fiscal 2020 results
Image from Onkyo report on fiscal 2020 results, heading section on new plans [Click to enlarge]

Onkyo Corporation had a really tough fiscal 2020 – the fiscal year that ended March 31, 2020. How tough was it? So tough that the company was forced to announce that a massive drop in revenues and record losses had pushed the company into insolvency – calling into question its ability to continue as a going concern. It doesn’t get much tougher than that. And this announcement triggered a Tokyo Stock Exchange action – invoking a rule that starts a clock on a limited grace period for the company to cure the situation – their insolvency – before a forced delisting from the JASDAQ stock exchange is implemented.

So what happens now with Onkyo?

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Onkyo Closes US Subsidiary, Terminates Dealers, and Outsources Distribution to Klipsch

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Image from Onkyo Website

A Strangely Retroactive Notification

Last week, a letter was sent to all Onkyo dealers in the United States notifying them that their dealer agreements were being terminated. The reason for this termination? Onkyo USA Corporation no longer exists and therefore can no longer serve them. Don’t miss the significance of this historic moment – for the first time in 45-years there is no Onkyo subsidiary in the U.S., once the largest market for parent Onkyo Pioneer Corporation (OPC) of Osaka, Japan.

See more about this turn of events at Onkyo…

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Gibson Brands Continues to Show Signs of Strain

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Downsizing Factory & Dilution of Onkyo Ownership

Logo for Gibson BrandsRecent developments have thrust Gibson Brands back into the spotlight once again – a spot that CEO Henry Juszkiewicz doesn’t particularly enjoy, unless he’s there on his own terms. But this time, two tidbits of news have conspired to bring Gibson, and their financial challenges to the fore. And as we try to digest all of this, it’s clear that Gibson is continuing to show signs of strain due to sluggish results from its aggressive diversification into consumer electronics jeopardizing its ability to deal with looming huge debt payments on the loans used to acquire CE brands.

See the news that shines a light on Gibson’s troubled financial position… [Read more…] about Gibson Brands Continues to Show Signs of Strain

Gibson Brands Takes Control of Onkyo Corp.

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BREAKING NEWS

onkyologo

In a filing with Japan’s JASDAQ stock exchange, Onkyo revealed this week that at the end of June, major investor Gibson Brands became the largest shareholder for the first time since its relationship with the Osaka-based manufacturer of higher-quality electronics began in 2012. This small announcement portends a potentially significant change in the relationship between the two entities.

See more on this news out of Japan about Gibson and Onkyo… [Read more…] about Gibson Brands Takes Control of Onkyo Corp.

Onkyo Expands Headphone Line with Two New iOS Compatible Models

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Photo of model with Onkyo headphones

Onkyo USA announced today two new high-performance headphone models that feature full iOS compatibility for user convenience. Both the on-ear ES-CT1300 and in-ear IE-CT1300 include incline controls and microphones to help Apple product users both adjust their sound levels and take calls while using either of these new models.

Learn more about these two new headphones from premium manufacturer Onkyo… [Read more…] about Onkyo Expands Headphone Line with Two New iOS Compatible Models

Gibson Guitar Admits It Broke the Law; Settles with DOJ to Avoid Criminal Prosecution

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500px-Gibson_logo.svgGibson Guitar Corp., a manufacturer of musical instruments and significant shareholder in Onkyo Corp. and majority owner of Onkyo USA, has entered into a “Criminal Enforcement Agreement” with the U.S. Department of Justice settling matters and circumstances surrounding government allegations of their illegal purchase and importation of woods and materials protected by environmental regulations and laws. As part of their settlement, Gibson admits the government’s allegations are true, agrees to pay a penalty of $300,000, agrees to an additional “community service” payment of $50,000 to the National Fish and Wildlife Foundation, implements a strict compliance program (approved by DOJ enforcers) to prevent future violations, and relinquishes claim to more than $260,000 worth of government-seized illegally imported materials. [Read more…] about Gibson Guitar Admits It Broke the Law; Settles with DOJ to Avoid Criminal Prosecution