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Display maker JOLED files for bankruptcy with $250m in liabilities

Hoped-for Japanese champion in OLED panels fails to catch up to South Korean rivals

JOLED will close two plants in Japan and let go of around 280 employees as it withdraws from OLED panel business. (Photo courtesy of JOLED)

TOKYO -- Japan's JOLED, a company formed in a 2015 merger of the organic light-emitting diode (OLED) businesses of Panasonic and Sony, said Monday that it had filed for bankruptcy protection at the Tokyo District Court.

JOLED has total liabilities of 33.7 billion yen ($257 million).

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