Japanese apparel maker Renown Inc., which had sought court protection to revive its century-old business, will go into liquidation amid plunging sales due to the novel coronavirus pandemic, its lawyers said Monday.
The Tokyo District Court last Friday decided to discontinue court protection after a sponsor could not be found. The liquidation procedure is expected to begin after about a month, according to credit research firm Tokyo Shoko Research.
The textile company had undertaken restructuring measures since filing for protection from creditors in May with debts totaling 13.88 billion ($133 million).
In August, Renown said it would sell some of its main brands including Durban and Aquascutum to group companies of Koizumi Co., an app…
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