Gibson Brands, Inc. (Gibson), the parent company of TEAC Corporation (TEAC), filed for Chapter 11 bankruptcy protection on May 1, 2018. This has been widely reported in the financial press, internet and other media. TEAC, does not make any comment to these articles, due to the lack of direct confirmation of the information.
TEAC does not make any comment on how the restructuring will impact the relationship between TEAC and Gibson; however, the possible impacts on the day-to-day operations of TEAC are estimated to be insignificant. While Gibson owns a majority interest in TEAC, TEAC operates autonomously from Gibson including suppliers, distribution channels, customers, legal agreements, bank and financial arrangements, human resources and personnel. TEAC develops and executes its own business strategies and is responsible for the results.
TEAC will continue its business operations as normal while Gibson is working through its restructuring.