Japanese apparel maker
Renown, founded in 1902, filed for protection from creditors with the
Renown was saddled with debts totaling
The coronavirus outbreak triggered more than 150 corporate bankruptcies in
As the spread of the virus has prompted people to stay home, Renown's sales at retail stores fell 42.5 percent in March from a year before. They plunged 81 percent in April when major department stores, its major sales channels, suspended operations amid the pandemic.
The maker of D'urban brand suits posted a net loss of
Renown fell under the control of the
The Japanese apparel maker once enjoyed brisk sales as the industry leader before the burst of the nation's asset-bubble economy in the early 1990s.
But it struggled to widen its customer base, including the younger clientele. At the same time, it also faced fierce competition from rivals such as
==Kyodo
© Kyodo News International, Inc., source