Bang & Olufsen (B&O) is a high-end consumer electronics company that designs and manufactures audio products, television sets, and telephones, originally from Denmark, founded in 1925 by Peter Bang and Svend Olufsen, who designed a radio to work with alternating current, a product of significance at a time when most radios were still running on batteries. History Early history Peter Bang (1900–1957), son of Camillo Bang, a successful Danish businessman, showed great interest in radio technology from an early age. After graduating as an engineer in 1924, he spent six months working in a radio factory in the USA. When he returned to Denmark, he collaborated with his friend Svend Olufsen (1897–1949), whose parents made the attic of their manor house in Struer in Jutland available for experiments. When they officially opened their business in 1925, Bang focused on the technology while Olufsen was dealing with business. There were a number of successful developments in the 1930s and 1940s, including a sound recording system for the film industry, roof-mounted loudspeakers for circuses and army vehicles, and the iconic Beolit 39 radio that featured a Bakelite cabinet. However, it was many years before their business became significantly profitable. The firm suffered a major setback towards the end of World War II when its factory at Gimsing in Struer in northwestern Jutland was on fire burnt down by pro-Nazi saboteurs as a punishment for the management's refusal to team up with the Germans. Undeterred, Bang and Olufsen rebuilt the factory, and they produced electric razors until 1955, and then moving on to develop a range of radio, radiogram, and television sets, that was influenced later by a designer named Ib Fabiansen who began work for the company in 1957. In the 1990s, B&O opened its dedicated stores, selling directly to customers but not selling through retailers, and the production of audio separates was discontinued in favor of mini-type audio systems sold, as was before for B&O, at a price that was higher than the industry average. Recent history Because of the economic crisis of 2008 the company experienced a sharp decline in sales and announced significant losses; between 2008 and 2009, annual revenue declined from $853 million to $528 million, and its stock price dropped from $52 to $8.50. A restructuring plan included 300 layoffs in Denmark on 21 October 2008, and the abandonment of development of new mobile phones, MP3 players,