Shipley Electric, a well-known Japanese home appliance manufacturer, has filed for bankruptcy, leaving a trail of debts amounting to approximately JPY 461 billion (approximately CNY 21.56 billion). The company, which once dominated over 30% of the US VCR market and a massive 50% of the US TV/VCR combo market share in the early 2000s, has seen its fortunes decline in recent years.
According to a report by Asahi Shimbun, Shipley's significant growth in the US market was largely attributed to its partnership with Walmart, one of the world's largest retailers. At its peak in 2006, the company's annual sales approached JPY 4 trillion (approximately CNY 187.06 billion).
However, with the rise of Chinese manufacturers and increasing competition, Shipley's business began to decline. In 2021, the company was acquired by a Tokyo-based publisher and delisted from the stock market.
In an official statement released in August, Shipley reported a net loss of JPY 131 billion (approximately CNY 6.13 billion) for the fiscal year ending March 2024, with debts totaling JPY 461 billion (approximately CNY 21.56 billion).