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Electronics

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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