The U.S. arm of Japanese home-goods retailer Muji has submitted for bankruptcy right after having difficulties to make adequate organization to get over its large lease expenses.
The Chapter eleven submitting came 13 a long time right after Muji opened its initial U.S. retail outlet in the SoHo community of New York Town. Although Muji U.S.A. has expanded to eighteen suppliers, it has been saddled with pricey leases and temporarily shuttered all its destinations in March in response to point out and area governing administration orders necessitating the closure of non-essential corporations because of to the COVID-19 pandemic.
The firm, which sells minimalist decor, stationery and clothing, mentioned it will continue on running throughout the bankruptcy procedure and has secured up to $22 million in funding from mum or dad firm Ryohin Keikaku.
“Muji has felt the devastating consequences of the Covid-19 pandemic on in-retail outlet retail, and as a