Friday, 31 July 2015 14:49
It looks like Sharp is the latest company to decide that the highly competitive TV market just isn't for them, at least not in North America. Sharp has announced that they've sold their manufacturing plant and have licensed their brand name in North America to Hisense. It's not surprise that Sharp is making a move like this as they've had a rough go for a while now, it's just more interesting to see that one of the 'budget' brands is the one that is taking over for them. Companies like Hisense have figured out how to produce TV's cheaper than the big guys and still make them look just as good. PCWorld has more on this announcement.
Yet another TV maker is calling it quits on the hyper-competitive U.S. market, while keeping the brand name alive through licensing.
This time the victim is Sharp, which plans to sell its manufacturing plant in Mexico and license its brand name to Hisense for the Americas, Reuters reports. The news follows an especially rough quarter for Sharp, in which it posted an operating loss of nearly $232 million.
“Sharp has not been able to fully adapt to the intensifying market competition, which led to significantly lower profits compared to the initial projections for the previous fiscal year, and has been suffering from poor earnings performance,” the company said in a statement.