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Classic Japanese audio brand Onkyo files for bankruptcy

Maker of stereos and speakers doomed by market shift to streaming and smartphones

Onkyo speakers were popular back when many consumers listened to music on stereo systems. (Photo by Kento Hirashima)

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.

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