Lawyers representing Japanese apparel maker Renown Inc. have said the company will go into liquidation amid plunging sales due to the novel coronavirus pandemic. It had sought court protection to revive its century-old business, but the Tokyo district court recently decided to discontinue court protection after a sponsor could not be found.
The liquidation procedure is likely to begin after about a month, according to a news agency report.Lawyers representing Japanese apparel maker Renown Inc. have said the company will go into liquidation amid plunging sales due to the novel coronavirus pandemic. It had sought court protection to revive its century-old business, but the Tokyo district court recently decided to discontinue court protection after a sponsor could not be found.#
The textile company had undertaken restructuring measures since filing for protection from creditors in May with debts totaling $133 million.
In August, Renown said it would sell some of its main brands including D'urban and Aquascutum to group companies of Koizumi Co., an apparel company in Osaka, while closing shops of other brands such as Arnold Palmer Timeless by the end of last month.
Renown fell under the control of the Chinese textile Shandong Ruyi group in 2010 to restore its financial health, but its business was hit hard by the nationwide closure of major department stores to curb the pandemic.
Fibre2Fashion News Desk (DS)
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