Japanese electronics maker Funai Electric received court approval Thursday to begin bankruptcy proceedings. The money-losing company was once known for selling its products around the world. The Osaka-based company was established in 1961 and has made TVs, videotape players, printers, air conditioners, and other products. In 2000, the firm was listed on the former first section of the Tokyo Stock Exchange. The company's website says it began manufacturing liquid crystal display TVs in 2002, and the products once had a top share in the North American market. But its business deteriorated amid increased competition with Chinese makers and other rivals. In 2021, the company went under the umbrella of a Tokyo-based publishing firm and was delisted. Funai reported a net loss of 13.1 billion yen, or about 86 million dollars for the year ending March 2024 in an August statement. Total liabilities stood at 46.1 billion yen, or over 303 million dollars.
◆money-losing 損失を出している、採算の取れない、赤字
◆deteriorate 悪化する、低下する to become worse
◆go under the umbrella of ～の傘下に入る
◆delist 上場廃止にする to remove the name of a company from a stock exchange list, so that its stocks, shares etc can no longer be traded there