“Nipper” lstening to His Master’s Voice from 1899: wikipedia
Two weeks ago HMV (His Masters Voice) filed for bankruptcy and now Philips exits the audio-video world. HMV’s demise was inevitable I suppose but I grew up with their gramophone records and and I do have a sense of loss.
BBC:Music and DVD chain HMV is to appoint an administrator, making it the latest casualty on the High Street and putting about 4,350 jobs at risk.
Deloitte will keep HMV’s 239 stores in the UK and the Republic of Ireland open while it assesses the prospects for the business and seeks potential buyers.
Trading in HMV shares on the London Stock Exchange has been suspended, HMV said in a statement.
The firm said it would not be accepting gift vouchers or issuing any more.
And the name Philips was once synonymous with audio equipment (radios, transistor radios, tape decks record players and lately DVD players) of the highest quality but they too are leaving what was once their core business to concentrate on medical equipment and lighting systems.
PCR: Electronics firm Philips is set to exit the home entertainment sector, selling its Audio, Visual, Multimedia and Accessories divisions to Funai Electrics of Japan for over €150m, plus licence fees.
The company now plans to focus on health and well-being.
Philips chief executive Frans van Houten commented: “Today we announced that we have signed an agreement with Funai to transfer our Philips Audio, Video, Multimedia and Accessories businesses.
“This transaction will leverage Philips’ strong brand, strength in innovation, and leadership position in these businesses, with Funai’s strong presence in America and Japan, and its supply and manufacturing expertise. I am confident the deal will give this business a great future, with continuity for our customers. We have taken an important step in transforming Philips into the leading technology company in health and well-being.
Tags: Audio-Video, Funai, HMV, Philips
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