Renown, A Japanese Clothing Manufacturer, Proposed One Point Three $100 Million Debt Application For Bankruptcy

Japan's RenownInc company is a part of the fashionable empire of Shandong. It was 13 billion 900 million yen last Friday. One point three The $100 million debt application for bankruptcy is the most notable business in the country after the outbreak of coronavirus. Renowned

The Centennial textile company sells clothing with brands such as Arnold Palmer, Hiroko Koshino and D'Uban. The company confirmed that after a month's closure of the department store, the struggling enterprise collapsed and filed for bankruptcy protection.

It has joined the list of global fashion companies, including retailers that have collapsed due to epidemics, such as J. Crew and Neiman Marcus.

Renown, once owned by Aquascutum, a British clothing manufacturer, has been losing money for years. Shandong Ruyi became a major shareholder of well-known enterprises ten years ago and has become its major shareholder since then.

Earlier this year, Renown said it was trying to collect more than 5 billion yen ($45 million 200 thousand) of debt from its parent company. The parent company recently voted against its executives.

After spending billions of dollars to buy a series of European luxury brands and Asian brands, including French fashion companies SMCP and Aquascutum, the group has been facing increasing refinancing pressure.

The company said in a statement that Renown sales dropped sharply after March, as the government encouraged consumers to stay at home.

Tokyo Shoko Research, a research firm, said that since February, more than 140 Japanese companies have gone bankrupt due to the outbreak of coronavirus.

The government has launched a package including personal cash payment and small business loans, but some economists say that the delivery of stimulus measures is not fast enough.