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In short, I'd say it all came down to price. The Japanese were selling sets to America at or below cost while making a healthy profit at home. It forced American manufacturers to close up, sell to foreign interests or move production to Mexico in order to compete. (The only company that really fell victim to shoddy work was Warwick; Sanyo turned that factory around and added a couple of thousand workers in a few short years.)
That's my take from researching the fates of companies still in business after 1960. I'm sure others here saw this firsthand and could add insight.
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