Kolster Radio Corporation
Encyclopedia
The Kolster Radio Corporation was an electronics manufacturer and distributor based in Newark, New Jersey
, which became bankrupt in January 1930. In June 1928 the Columbia Phonograph Company announced plans to market a radio receiving set built by Kolster Radio. The product was sold in the United States
, Europe
, and Japan
.
The business possessed considerably more assets than liabilities. However, because of overproduction
, it suffered an inability to raise cash to fulfill its immediate obligations.
Under a plan approved by receivers the Kolster plant in Newark reopened after March 1930. The production facility fulfilled the completion of 15,000 partly built radio sets. These were sold to Kolster distributors for $500,000.
Newark, New Jersey
Newark is the largest city in the American state of New Jersey, and the seat of Essex County. As of the 2010 United States Census, Newark had a population of 277,140, maintaining its status as the largest municipality in New Jersey. It is the 68th largest city in the U.S...
, which became bankrupt in January 1930. In June 1928 the Columbia Phonograph Company announced plans to market a radio receiving set built by Kolster Radio. The product was sold in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
, and Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
.
Insolvency
Three receivers were appointed on January 21, 1930 to handle the failure of the company, which was located at 200 Mount Prospect Avenue in Newark.The business possessed considerably more assets than liabilities. However, because of overproduction
Overproduction
In economics, overproduction, oversupply or excess of supply refers to excess of supply over demand of products being offered to the market...
, it suffered an inability to raise cash to fulfill its immediate obligations.
Under a plan approved by receivers the Kolster plant in Newark reopened after March 1930. The production facility fulfilled the completion of 15,000 partly built radio sets. These were sold to Kolster distributors for $500,000.