Toshiba Corp announced yesterday that it will stop making and selling flat panel TVs in North America, according to a report from Reuters.
The Japanese company, which launched several Ultra HD 4K models back in 2013, says it is also considering a similar discontinuance in other countries, according to the report. However, the company says is will continue to license the North American TV business to Taiwan’s Compal Electronics.
Toshiba is also in negotiations to license its TV brand in other markets as well, says Reuters. Panasonic similarly licenses its brand name to other manufacturers.
According to the report, price pressures are the main reason for the announcement. Toshiba will continue its TV business in Japan. The company’s TV business reported a loss last year.