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

Davida Erdahl

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

Renown, a century-previous textile organization which sells dresses under brands such as Arnold Palmer, Hiroko Koshino and D’Urban, verified it experienced submitted for individual bankruptcy security just after a month-extensive closure of department shops brought the already-having difficulties business to its knees.

It joins a listing of worldwide manner companies, which include merchants such as J. Crew and Neiman Marcus, which have collapsed owing to the pandemic.

Renown, which at one stage owned British clothier Aquascutum, experienced claimed losses for several years. Shandong Ruyi emerged as a primary shareholder in Renown a decade ago and has given that turn out to be its bulk stakeholder.

Previously this yr, Renown stated it

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