Maker of Olevia LCD TVs files for bankruptcy

Syntax-Brillian, one of several smaller LCD TV makers to use club store sales to do an end-run around the category's traditional leaders, has filed for bankruptcy.

The Tempe, Ariz.-based Olevia television and Vivitar digital camera maker, filed for protection from creditors in a Delaware court following a year of missed sales targets, leadership changes, and accounting problems, according to Reuters.

The company's stock has dropped more than 90 percent in the last year, and its efforts to refinance and raise additional financing were unsuccessful. With just eight employees left at headquarters, it has ceased operations.

A new company, called Olevia International Group, has been created and will take on $60 million of Syntax-Brillian's debt, and the Vivitar digital camera unit will be put up for sale. The company had total debts of $259.4 million and assets amounting to $175.7 million.

Analysts that follow the flat-panel television market have been warning since late last year that there would be an eventual shakeout in the business, as more small brands piled on the growing LCD TV market.

Earlier this year, Philips announced it would no longer be producing its own televisions in North America, and enlisted Funai to do so on its behalf.

[mrorie]

Too bad, those things were super cheap.

[jayhawk73]

they were super cheap because they were super horrible. I tried to talk a co-worker out of buying one but she did it anyway. She owned it for 3 months before it failed. If something sounds too good to be true (price) then it probably is......

[GadgetDon]

Except I bought one, still works great.

[belawrence]

Mine still works great after two years, unlike my Sony Bravia, which cost twice as much and has been back to Sony twice for problems.

[larrynj460]

I have 3 Olevia sets. A 26 inch going back from when they first started selling them to a 37 inch which is a few months old. On all of them, great prices, and great pictures. They also all came with a one year in-home repair guarantee, which I've never had to use. This brand will be missed.

[texashale]

Mine is also great. It isn't as nice as my Aquas, but then again, few are. I had a Sony for about a month and it developed dead pixels, had it replaced and the replacement, which was brand new also, developed dead pixels in about a week, which is when I replaced it with the Aquas. The Olivas has been great since the beginning. It doesn't upscale so great, but it is good enough for $450 for a 32" LCD!

[chuck_whealton]

It's a shame to see this happen. Yea, the quality may not be the absolute best, but not everybody is a perfectionist. Makers like Olevia and Vizio help provide competition.

Charles R. Whealton
Charles Whealton @ pleasedontspam.com

[gsmiller88]

I bought an Olveia TV from Kmart not even a month ago and thus far have no complaints. This is quite disturbing though and leaves a lot of questions such as what happens to my warranty? I have until 90 days after the purchase to get an extended warranty from Kmart, so I may do that ASAP. I really hope they continue making affordable TVs!

[joeaida]

have a olevia, no problems , great tv, thanks

[gggg sssss]

cheap made in china crap - not that the rest aren't. At least most Westinghouse are at least partly made in Mexico. Sony spends a fair bit on marketing locally at least How nuch does china buy from the US? right nothing. Dont send your jobs to a country that wont trade with us. and polutes like hell on top of that. RIP cheap chinese crap.

Where is Lou Dobbs when you need him?

[warren f.]

I have had my Olevia 32 inch for almost a year--no problems. It's a great tv, especially after hooking it up to my Onkyo home theater system. I also have it hooked up to my X box 360 Elite & it is awesome!! As far as picture quality goes let me say this-- I have a friend who has a 52 inch Mitsubishi plasma--my tv blows his away. I know that they are two different beasts but his has that shiny screen which makes the tv almost impossible to watch my tv has no shiny screen & it is watchable in any lighting. I'll take my tv over his any day.