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the Aiwa Corporation slid towards bankruptcy until it was purchased by competitor Sony Corporation. As of October 1, 2002, Aiwa ceased to be a separate company and became a wholly owned division of Sony Corporation. Sony's reasoning for acquiring the company is unclear, other than that it was already a shareholder in Aiwa Corporation. However Aiwa has been good for an exorbitant tax refund[citation needed] in Japan for FY2002. This offset the dropping figures in Sony's financial report for FY 2002/2003. In January 2003 Sony announced the rebranding and relaunch of Aiwa as a "youth focused, PC-Centric" electronics brand. A new logo was presented to the world's media along with a statement of Sony's intention to invest in and "revitalize" the Aiwa brand.
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