news

Muji USA files for bankruptcy

 

 

PETALING JAYA (JULY 13): Muji USA Ltd, the US unit of the  Japan-based lifestyle and apparel brand has filed for bankruptcy in the state of Delaware on July 10. According to a report in online fashion and retail news portal WWD, Muji USA plans to use the bankruptcy process to restructure and to move towards online shopping.

“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. We remain committed to bringing the best of Japanese lifestyle products to our American customers, and hope to swiftly bring this restructuring to a close in order to better serve them,” Muji USA’s CEO Satoshi Okazaki was quoted as saying in a statement on July 10.

The company has listed assets between US$50 million and US$100 million and liabilities within the same range. Its main unsecured creditors are landlords,  Kent & Wythe Owners LLC in New York City, who are owed more than US$273,600 and Westland Garden State Plaza Limited Partnership in Los Angeles, who are owed more than US$262,000, according to the company’s Chapter 11 filing in Delaware.  

Stay safe. Keep updated on the latest news at www.EdgeProp.my

Click here for more property stories

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE
RELATED POSTS
  1. Easing home loan rules risky, say analysts
  2. RM40b MRT3 project scrapped, says PM