EXCLUSIVE: TCL Cut Onkyo, Pioneer Deal In Talk With Philips After Gibson Brands Collapse

Chinese technology Company TCL is set to take over the Pioneer and Onkyo brands currently under the management of US Company Gibson brands, they are also in talks with Philips over their audio range according to sources.

The move is set to be a major blow for Gibson Brands who are facing a grim future with debt as high as A$707 million due within months.

According to sources in Shenzhen, TCL will take over management of these brands internationally apart from Japan.

TCL who also own the Alcatel and Blackberry smartphone brands is one of the fastest growing TV Brands in the USA where arch rival Hisense has been forced to buy the rights to the Toshiba name to sell TV’s after consumers rejected the poor quality of the Hisense branded TV’s.

In Australia the move by TCL to take over sales of the Pioneer, Onkyo and Philips audio brands could be a major blow to Powermove who currently distribute all these brands.

According to sources TCL have indicated that they will invest in the manufacture of the two Japanese and one European brands in a move that could deliver significant benefits to Pioneer, Onkyo and Philips.

Insiders are calling for the dumping of Gibson Brands CEO Henry Juszkiewicz whose attempt to turn the musical instruments Company into a lifestyle consumer electronics Company has failed “spectacularly” according to insiders.

“My dream was to be the Nike of music lifestyle, it hasn’t worked out.” Juszkiewicz said in an interview recently.

He added “At this point, I have to cut back on that ambition, frankly.”

Juszkiewicz initially cut a deal with Japanese company Onkyo, and in 2014 he added Philips’ audio and home entertainment business, WOOX Innovations, for $US135 million.