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

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

Renown, a century-previous textile company which sells clothing underneath makes such as Arnold Palmer, Hiroko Koshino and D’Urban, confirmed it experienced filed for personal bankruptcy security after a month-lengthy closure of department suppliers brought the already-having difficulties business to its knees.

It joins a list of international vogue organizations, such as stores such as J. Crew and Neiman Marcus, which have collapsed due to the pandemic.

Renown, which at just one place owned British clothier Aquascutum, experienced reported losses for many years. Shandong Ruyi emerged as a major shareholder in Renown a decade ago and has considering the fact that develop into its the greater part stakeholder.

Earlier this year, Renown stated

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