Muji's U.S. business seeks bankruptcy protection over coronavirus (updated)

RYOHIN KEIKAKU

10/07/2020 08:10

(Adds details, Ryohin Keikaku results)
    TOKYO, July 10 (Reuters) - Minimalist lifestyle brand Muji's
U.S. subsidiary has filed for Chapter 11 bankruptcy protection,
its Japanese owner Ryohin Keikaku Co  7453.T  said on Friday,
joining the list of casualties from the coronavirus pandemic.
    Ryohin Keikaku said Muji aims to close unprofitable stores
and renegotiate rents in the United States, where its 18 stores
have been closed since mid-March due to the pandemic.
    The outbreak has inflicted widespread financial pain on
global retailers, leading many such as J. Crew Group and Brooks
Brothers to file for bankruptcy protection.  urn:newsml:reuters.com:*:nL4N2EF2RC
    Ryohin Keikaku said the U.S. filing will not affect its
operations in other markets.
    But the business has also been hit by store closures and
weak consumer spending in its main market, Japan. 
    Separately on Friday, Ryohin Keikaku reported an operating
loss of 2.9 billion yen ($27.2 million) for the quarter through
May.  urn:newsml:reuters.com:*:nXB1IX9F60
($1 = 106.8300 yen)

 (Reporting by Ritsuko Ando; Editing by Richard Pullin)
 ((Ritsuko.Ando@reuters.com; +81 3 6441 1743;))