MUJI U.S.A., a division of the Japanese retailer, announced Friday it had filed for bankruptcy group. It blamed falling income due to retail store closures for the duration of the coronavirus pandemic.
The chain has one Portland area, an 11,000-square-foot shop downtown in the old Meier & Frank Creating. The company stated it would continue being “fully operational” through the bankruptcy restructuring. Its 19 outlets throughout the place are in a variety of levels of reopening.
Bloomberg reported that the U.S. division had been running at a loss for the past three fiscal a long time. Past yr, Bloomberg said, it had a loss of about $10 million, according to its individual bankruptcy statement.
MUJI is a Japanese life style manufacturer recognised for its minimalism and a broad variety of goods ranging from stationery to gel pens to a comprehensive cleansing method to baggage to rice cookers to sweaters to snacks, as The Oregonian/OregonLive observed when the downtown retailer opened in November 2018. The store continues to be open day-to-day.
The retail division submitted for Chapter 11 personal bankruptcy reorganization Thursday in Delaware.
“MUJI has felt the devastating results of the COVID-19 pandemic on in-retail store retail, and as a end result will acquire this possibility to refocus our attempts in the United States on vital regional markets and e-commerce,” reported CEO Satoshi Okazaki.
The filing will come on the heels of two other retail bankruptcies: Brooks Brothers and Sur La Desk.
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