OSAKA -- Japanese audio equipment maker Onkyo Home Entertainment filed for bankruptcy at Osaka District Court on Friday, with total liabilities of around 3.1 billion yen ($24 million).
The Osaka-based company was delisted in August. It was unable to keep pace with changes in how people listen to music, as users shift from audio equipment like compact stereo systems -- once Onkyo's core business -- to devices like smartphones for streaming services.
