Moscow Court Declares Russia's Sole Domestic TV Maker Bankrupt

A Moscow court has declared Kvant, Russia's only domestic television manufacturer, bankrupt, according to court records cited by the business daily Kommersant. The bankruptcy petition was filed in June of last year by consumer electronics retailer DNS over an unpaid debt exceeding 654 million rubles, or about $8 million. DNS owns the in-house brand Irbis, which Kvant stopped producing in the previous year because of high costs and weak demand.

After DNS's initial petition, 24 more creditors joined the bankruptcy case. Court-approved claims pushed Kvant's total debt to 4.15 billion rubles, or $51.2 million, with Sberbank and Yandex listed among the largest creditors.

Kvant was founded in 2016 in Zelenograd, a Moscow suburb. Its business began to unravel in 2024, when Chinese suppliers TCL and Xiaomi halted component deliveries to the Russian plant to avoid secondary sanctions.

The company's revenue fell from 13.1 billion rubles ($161.7 million) in 2023 to 4.9 billion rubles ($60.5 million) in 2024. Last year, revenue collapsed to just 45 million rubles ($555,000), leaving Kvant with a net loss of 387 million rubles ($4.7 million) and tens of millions of rubles in unpaid worker wages.