Renown Incorporated, a major Japanese apparel company, received a decision from the Tokyo District Court on May 15th to start civil rehabilitation proceedings.
Due to the coronavirus pandemic, sales of apparel have dropped sharply, causing a stall of cashflow.
This is the first time a listed company in Japan has gone bankrupt this year. Liabilities total approximately 13.8 billion yen.
Founded in 1902, Renown posted consolidated net losses of 6.7 billion yen in the fiscal year ending in December 2019, with sales dropping to 50.2 billion yen, which is about a quarter of sales during the bubble economic period.
