Muji, which sells minimalist decor, stationery and clothes, submitted for Chapter 11 individual bankruptcy security Thursday in Delaware. The organization options to use the procedure to arise with a renewed aim on online revenue.
“Muji has felt the devastating effects of the Covid-19 pandemic on in-store retail, and as a consequence will get this chance to refocus our endeavours in the United States on key regional markets and e-commerce,” Muji CEO Satoshi Okazaki said in a independent assertion Friday.
Component of this refocusing will require shutting down “a small quantity” of merchants — nevertheless Muji at the moment continues to be open for business enterprise in its lately reopened stores as well as on the web.
Muji’s Chapter 11 filing shown liabilities of $50 million to $100 million, owed to amongst 200 and 999 creditors.
The business mentioned in its statement that the bankruptcy process will “make certain the long run well being, growth, and viability of the business. Muji is committed to serving its shoppers in the market and offering a significant good quality of product or service and knowledge into the long term.”