TOKYO (Reuters) – Japanese apparel maker Renown Inc <3606.T>, part of Chinese fashion empire Shandong Ruyi, said it filed the bankruptcy protection on Friday with 13.9 billion yen ($130 million) in debt as the coronavirus outbreak stalled its business.
A spokesman for the company, who declined to be identified, confirmed it had filed for bankruptcy protection.
Renown, which has a collection of men’s and women’s clothing brands, has posted losses for years.
Earlier this year, it struggled to collect more than 5 billion yen ($45.2 million) in debts from its Chinese parent and Renown’s top executives were voted out of its board by the parent firm.
(Reporting by Junko Fujita; editing by David Dolan and Jason Neely)
