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Fernandes Co., a musical instrument manufacturer known for its namesake electric guitars, discontinued operations by July 11 and started preparations to file for bankruptcy, the Saitama branch of Tokyo Shoko Research, Ltd., announced Wednesday.
The total liabilities of the firm, headquartered in Toda, Saitama Prefecture, amounted to about ¥700 million, or about $4.5 million.
The company, which was established in 1969, manufactured and sold musical equipment like electric guitars, basses and amplifiers, according to the branch. The company was loved by many of Japan’s leading guitarists, including Tomoyasu Hotei and Hide, a member of the popular rock band X Japan who died in 1998.
In 1984, the company established a local subsidiary in the United States. Its annual sales exceeded ¥4 billion at its peak in the business year ended January 1999. However, the expansion of the secondhand market and intensifying price competition caused the firm’s sales to slump. In recent years, the company suffered from ballooning losses due to the aging of its consumer base and an increased burden from purchasing production materials caused by the weak yen. These factors made it difficult for the company to continue operating.
After news broke that one of Japan’s leading guitar brands was filing for bankruptcy, musician Gackt posted a message on X on Sunday, saying, “All I can say is I’m saddened.”
