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Classic stereo brand Onkyo to delist from Tokyo exchange in July

Once an audio legend, Japanese company fails to crawl out of debt in time

An Onkyo showroom in Japan: The company behind one of Japan's oldest audio brands has fallen on hard times. 

TOKYO -- The Tokyo Stock Exchange will pull the plug on its listing of Onkyo Home Entertainment -- once a household name in turntables, stereos and home cinemas -- due to it being mired in negative net worth.

Onkyo reported Wednesday that it expects to book 2.3 billion yen ($20.8 million) in liabilities exceeding assets for the financial year ended the same day. That would mark the second consecutive fiscal year of being in that situation, which triggers the delisting process.

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