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Earlier this year, the company had agreed to take control of the home theatre/hi-fi elements of the Onkyo, Pioneer and Integra brands, but now says it has 'mutually agreed it is in the best interest of both organizations to terminate the proposed acquisition.'

'After months of rigorous work and negotiations, it became apparent that all of the necessary closing conditions could not be satisfactorily achieved,' said Sound United in a statement.

The proposed deal would have seen Sound United add the Onkyo corp brands to its existing roster, which includes home cinema AVR stalwarts Denon and Marantz, plus Polk Audio, Classe, Definitive Technology and Boston Acoustics.

Onkyo Corporation said in its own statement regarding the news: 'The impact on Onkyo's consolidated financial results for the fiscal year ending March 31, 2020 due to the events leading up to and the termination of this transfer is currently being evaluated and will be disclosed as soon as it becomes clear.'

'In order to further invest in its business and reinforce the group's overall financial health, Onkyo is actively raising new financing, considering new alliances and making long-planned internal changes.'