Muji Files For U.S. Bankruptcy In Latest Coronavirus Casualty
Jul 13, 2020
Trendy Japanese retailer Muji’s US business filed for bankruptcy Friday, making it the latest corporate casualty of the coronavirus crisis. The minimalist home-goods chain plans to close some unprofitable stores and renegotiate rents in the US after the pandemic forced its 18 American locations to shut down in March, according to its Tokyo-based parent company, Ryohin Keikaku. Muji USA started the Chapter 11 restructuring despite announcing plans in May to reopen a handful of stores, where it sells simply designed dishes, beauty products and other items. The business has liabilities of $50 to $100 million, according to its bankruptcy filing. Read more at New York Post.
