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