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Maker of Olevia LCD TVs files for bankruptcy
Syntax-Brillian, one of several smaller LCD TV makers to use club store sales to do an end-run around the category's traditional leaders, has filed for bankruptcy.
The Tempe, Ariz.-based Olevia television and Vivitar digital camera maker, filed for protection from creditors in a Delaware court following a year of missed sales targets, leadership changes, and accounting problems, according to Reuters.
The company's stock has dropped more than 90 percent in the last year, and its efforts to refinance and raise additional financing were unsuccessful. With just eight employees left at headquarters, it has ceased operations.
A new company, called Olevia International Group, has been created and will take on $60 million of Syntax-Brillian's debt, and the Vivitar digital camera unit will be put up for sale. The company had total debts of $259.4 million and assets amounting to $175.7 million.
Analysts that follow the flat-panel television market have been warning since late last year that there would be an eventual shakeout in the business, as more small brands piled on the growing LCD TV market.
Earlier this year, Philips announced it would no longer be producing its own televisions in North America, and enlisted Funai to do so on its behalf.
Erica Ogg is a CNET News reporter who writes about consumer electronics and PCs, mostly as chief correspondent for Crave. She's also one of the hosts of CNET News' Daily Podcast. In her non-work life, she's a history geek, a loyal Dodgers fan, and a mac-and-cheese connoisseur. E-mail Erica.
- Topics:
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Corporate & legal
- Tags:
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Syntax-Brillian,
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Olevia,
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Vivitar,
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digital cameras,
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bankruptcy
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Charles R. Whealton
Charles Whealton @ pleasedontspam.com
Where is Lou Dobbs when you need him?
Not that i recommend any offbrand though they pay me the most and their the cheapest things. But the headaches and customer relationship gets thrown down the gutter.
If this is how they deal with customers I guess they will not be in business very long. Just be aware before you buy one.
Hope I can make it past the year warranty+++And then some.
BUT, Then, What about parts? Can we use any substitutes? Anything inside compatable with other brands?