Popular home-goods chain Muji has filed for bankruptcy.
Advertisements
Muji, which sells stationery, clothing and decors, filed for Chapter 11 Bankruptcy protection on Thursday, in Delware.
Muji CEO Satoshi Okazaki said in a statement released: “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.”
Muji listed liabilities of $50 million to $100 million that are owed to between 200 and 999 creditors.
The company added that the bankruptcy will “ensure the future health, growth, and viability of the company”.
Advertisements