Japanese apparel maker Renown files for bankruptcy with $130 million debt, Retail News, ET Retail

TOKYO : Japan’s Renown Inc, part of Chinese fashion empire Shandong Ruyi, submitted for individual bankruptcy on Friday with thirteen.nine billion yen ($a hundred thirty million) in financial debt, the country’s best-profile business to collapse amid the coronavirus outbreak.

Renown, a century-outdated textile corporation which sells clothing beneath manufacturers this kind of as Arnold Palmer, Hiroko Koshino and D’Urban, confirmed it experienced submitted for individual bankruptcy security just after a month-extended closure of office stores brought the by now-battling business to its knees.

It joins a listing of world-wide fashion organizations, including retailers this kind of as J. Crew and Neiman Marcus, which have collapsed because of to the pandemic.

Renown, which at one particular stage owned British clothier Aquascutum, experienced claimed losses for years. Shandong Ruyi emerged as a top shareholder in Renown a 10 years back and has considering that turn out to be its vast majority stakeholder.

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