Minimalist Japanese stationery and furniture brand Muji has officially filed for bankruptcy in the United States as the global pandemic continues to affect the economy worldwide.
According to a statement made by CEO Satoshi Okazaki, Muji will now be focusing on restructuring its business and boosting its efforts on e-commerce.
“Muji has felt the devastating effects of the Covid-19 pandemic on in-store retail, and as a result will take this opportunity to refocus our efforts in the United States on key regional markets and e-commerce,” he said.
The brand also released a separate statement on its Facebook page.
Muji had reportedly listed a debt of USD 64 million (approximately PHP 3.17 billion) and will spend the next six months negotiating rent payments and possibly closing down stores across the country.
As of writing, Muji only has 19 stores in the US despite having launched there in 2006.
Operations in other regional countries will reportedly remain unaffected by this bankruptcy filing.
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