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MUJI U.S. Files for Bankruptcy

The home goods brand joins a long list of companies falling prey to the pandemic.

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MUJI U.S. Files for Bankruptcy

The home goods brand joins a long list of companies falling prey to the pandemic.

MUJI‘s U.S. business has filed for Chapter 11 bankruptcy. The Japanese company, known for its minimalist homeware and office supplies, cited coronavirus-related shutdowns as the catalyst for seeking bankruptcy protection.

A report by Bloomberg reveals that MUJI was suffering losses due to high rent on its U.S. retail locations even before the pandemic forced brick-and-mortar stores to close. Ryohin Keikaku Co., which operates MUJI U.S.A. Ltd, estimates the company’s creditors at 200 to 999.

MUJI joins a growing list of companies filing for bankruptcy due to financial woes exacerbated by COVID-19. On July 8, denim brand G-Star RAW filed for Chapter 11 bankruptcy while retailers including Neiman Marcus and J.C. Penney took similar steps in May.

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Source
Bloomberg

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