It is an end of an era: after being in the business for 84 years, Olympus is calling it quits. As one of the pioneers of the Micro Four-Thirds format (together with Panasonic) and globally known for its Zuiko, Olympus recorded losses for three consecutive fiscal years—on top of declining camera sales due to the rise of smartphones catching up with digital cameras in terms of image quality.
Things have been rocky for Olympus in recent years: back in 2011, then-CEO Michael Woodford exposed the financial anomalies the company has been hiding for years to cover up losses, leading to one of the biggest corporate scandals in recent memory.
As a result, Olympus released a memo that they are selling its camera division to Japan Industrial Partners (JIP), the same firm that acquired Sony’s VAIO division back in 2014. This means that the OM-D and Zuiko brands will live still live through.
While the deal has yet to be closed as of this writing, Olympus said that it will still push through with launching new products planned for this year.