MUJI FILES FOR BANKCRUPTCY DUE TO COVID-19 PANDEMIC
- By Style MNL staff
- 4 years ago in CULTURE
- 1 Comment
The Japanese brand, Muji, has become one of the additional casualties of COVID-19 as they recently filed for bankruptcy in the United States as the global pandemic continues to affect the economy worldwide.
According to a statement posted on Facebook, Satoshi Okazaki, CEO of Muji addressed the public about the issue and have cleared that the company will now be focusing on the restructuring of the business and boosting their efforts on e-commerce.
“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,” Satoshi added.
Muji had reportedly listed a debt of USD 64 million and will spend the next six months negotiating rent payments and possibly closing down stores across the country. Muji, which is the US arm of Japanese conglomerate Ryohin Keikaku, joins retail giants like J.Crew, JCPenney, and Brooks Brothers in filing for bankruptcy during the pandemic.
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Style MNL staff
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