Muji U.S. Is Filing for Bankruptcy Amid the Pandemic
Japanese retailer MUJI has filed for bankruptcy in the U.S. Known for their functional and no-nonsense home, stationery, and fashion items, the well-known Japanese brand has announced that they will be restructuring their business amid the pandemic. MUJI USA has made the announcement on their Facebook page.
"As we look into the future, we remain committed to growth and success, as well as offering the best possible customer service experience," their statement reads. It continues: "While the retail industry is navigating challenges imposed by the COVID-19 pandemic, MUJI has made the decision to restructure its business in order to better serve our community, which involves filing for Chapter 11."
See MUJI USA's full statement here:
Don't worry, though. It's business as usual for MUJI stores in the U.S., according to their statement. "MUJI USA will remain fully operational throughout this restructuring. Our stores in our country remain in various phases of reopening, in accordance to public health guidelines, and our e-commerce website continues to run."
In case you need a little refresher on what filing for Chapter 11 means, here's a quick run-through: According to the U.S. Courts, Chapter 11 of the Bankruptcy Code basically helps the business to reorganize which usually involves a corporation or a partnership: "A Chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in Chapter 11."
For more information, log on to MUJI USA's Facebook page.
This story originally appeared on Spot.ph. Minor edits have been made by the Esquiremag.ph editors.