The legendary Aiwa brand, responsible for inventing the very first cassette tape recording back in 1964, has filed for Chapter 11 bankruptcy.

The Aiwa brand is up for auction, as part of the bankruptcy proceedings of its parent company Aiwa Corporation, with bids being taken until October 4.

Aiwa has been a leader in headphones, stereos, and speakers since 1951. The Japanese company listed on the Tokyo Stock Exchange from 1964, with the company taken over and delisted by Sony in 2003, later being sold to a US company, who renamed as Aiwa Corp.

“Not very often does an opportunity arise to acquire such a top tier brand in this industry,” said Hilco Streambank CEO Gabriel Fried, who is overseeing the auction.

“As increasingly more newcomers enter the consumer electronics market, owning a brand as recognisable as Aiwa would be a tremendous competitive advantage.”