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Sharp is exiting the Americas

After struggling to keep up with competitor innovations and a challenging television sales market, Japanese electronics maker Sharp is exiting the Americas. It will sell it’s plant in Mexico as well as it’s brand in the United States.

The company, once a thriving force in consumer electronics in America, has fallen on tough times over the last several years. After receiving a sizable investment three years ago, they tried for another $1.9 billion back in May. It didn’t happen. Now, they’re cutting back and making the decision to exit this particular market, their largest.

“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,” Sharp said in a statement explaining the TV business sale.

Once a favored supplier of Apple screens, they have been relegated to servicing discount brands rather than being a premium producer.

According to Reuters:

Investors and analysts have called for Sharp to overhaul its liquid crystal display (LCD) and consumer electronics divisions. Chief Executive Kozo Takahashi initially resisted but on Friday said he was open to major restructuring including some kind of strategic deal for its LCD business.

Read more on Reuters.

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