DJ Equipment Producer Vestax Has Reportedly Filed for Bankruptcy
Vestax, the Japanese manufacturer of DJ equipment including turntables and digital mixers, has reportedly filed for bankruptcy after more than 37 years.
Vestax, the Japanese manufacturer of DJ equipment including turntables and digital mixers, has reportedly filed for bankruptcy after more than 37 years. According to Teikoku Databank, a credit research company, Vestax began proceedings in Tokyo District Court on Dec. 5 after falling 90 million yen in debt among sluggish sales.
The company is said to have ceased all business at the end of August. It has not issued an official comment on the move, though several of its websites have been taken offline or left untouched. It was reported in October that the Japanese manufacturer had lost its distributor in the U.S., while a lack of new products at trade shows fueled speculation that it had fallen on hard times.
Founded in 1977 as a maker of electronic guitars, Vestax later shifted its focus to DJ equipment, such as professional turntables, signal processors, drum machines, mixers and MIDI controllers.
The world’s third-largest economy, Japan recently fell into another recession. According to Teikoku there were 671 bankruptcies in the month of November, which was actually an 18 percent decrease year-on-year.