July 12, 2020, 12:48 AM
The United States subsidiary of home goods chain Muji has filed for Chapter 11 bankruptcy.
According to a statement by Muji's CEO Satoshi Okazaki:
"Muji has felt the devastating effects of the Covid-19 pandemic on in-store retail, and as a result will take this opportunity to refocus our efforts in the United States on key regional markets and e-commerce."
They also released a statement on their Facebook page.
According to CNN, Muji's Chapter 11 filing listed liabilities of between US$50 million (S$208 million) and US$100 million (S$416 million), owed to between 200 and 999 creditors.Muji stores in the U.S. have been closed since March due to the pandemic.
They join other established names like Brooks Brothers, which recently filed for bankruptcy.
According to CNN, Muji will be refocusing their efforts on key regional markets and the online space.
Photo by Pablo Monsalve / VIEWpress via Getty Images
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