Funai Electric, a Japanese maker of audio and video equipment, received court approval for its bankruptcy plan on Thursday, credit research firm Teikoku Databank said.
Funai Electric, based in Daito, Osaka Prefecture, had some ¥46.1 billion ($303.6 million) in liabilities, Teikoku Databank said.
Founded in 1961, the company had boasted a significant presence in Japan and abroad as an original equipment manufacturer.
But the company struggled with a slump in the North American market and competition from Chinese rivals following the global financial crisis of 2008. A scandal involving an overseas unit also weighed on the firm.
Funai Electric was acquired by Shuwa System Holdings and went private in 2021. The company's finances were also hit by the failure by a beauty salon unit to pay advertising fees.
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