Published
Wed, Dec 10, 2014, 11:27
- The Japanese business press is reporting that bankruptcy proceedings for the Japanese music manufacturer began on December 5th.
Vestax has officially filed for bankruptcy.
We reported in October that all signs pointed toward the Japanese music manufacturer going bust: they'd been dropped by their US distributor, they hadn't revealed any new products at recent trade shows, and they'd gone silent on their social media channels. A story (in Japanese) posted today by the Teikoku Databank, a Japanese business news website, confirms these suspicions. Vestax stopped business operations at the end of August and officially entered bankruptcy proceedings in Tokyo District Court on December 5th, with liabilities cited at around 900 million yen (approximately $7.5 million). The deadline for filing proofs of claim against the company is January 9th, 2015.
Following suit, Vestax's Facebook page has been taken offline, and a number of their regional websites have been taken offline. (The portal for Vestax Europe is now more or less blank; their German-language site is still online, though it hasn't been updated since June.)