The retail business has certainly seen better days. It seems that everyday there are countless retailers, brands, and companies announcing filings for creditor protection and bankruptcy. However, while this news is always shocking, it’s important to remember that a bankruptcy filing doesn’t mean it’s always the end as it gives the company a chance to restructure and turn things around. One company that we hope can pivot is Muji.
it’s just been announced that Muji U.S.A. has just filed for Chapter 11 bankruptcy.
The Japanese retailer is known for its minimalist home goods as well as organizational items but it seems like the COVID-19 pandemic has taken a huge toll.
According to Statista, in 2018 there were 917 Muji stores worldwide and there are currently 18 in the U.S.A. and 8 in Canada.
BNN Bloomberg reports that Muji U.S.A. owner Ryohin Keikaku Co. is filing for bankruptcy due to store closures related to the COVID-19.
For all you Canadian Muji lovers out there, there is some good news. The retailer says that this U.S. filing won’t affect its stores in other markets but only time will tell.
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