After struggling to find its niche in the modern consumer electronics landscape for many years, Philips has thrown in the towel. The company went from offering TVs and MP3 players to focusing on accessories such as iPhone docks and stereo headphones. According to the Wall Street Journal, the remainder of the company's consumer-focused lines have been sold to Funai Electric of Japan.
Philips will focus on medical equipment and lighting, as those have recently made up the majority of the company's business. So if there's a Philips iPad-compatible alarm clock that you've had your eye on, now is the time to pick it up.