|Nakamichi Japan Files For Bankruptcy|
|Home Theater News Industry-Trade News|
|Written by Scott Selter|
|Tuesday, 26 February 2002|
Nakamichi Japan Files For Bankruptcy
Citing the ten year economic downturn domestically in Japan, Nakamichi Japan announced on February 19, 2002 that they are filing with the Japanese government for their version of Chapter 11 bankruptcy protection. The parent company that owns Nak, Grande Group, is pledging to sponsor the reorganization and restructuring. Grande is a diversified company owning interests in consumer electronics, gaming and hotels.
According to AudioRevolution.com sources at Nak, with help from Grande, little change is a expected for Nakamichi customers or US operation and the long term future of the company should be better with the reorganization.
Nakamichi has made a move away from traditional “black box” audio two years ago so they could focus on lifestyle audio-video and 12 volt car systems.