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Law360 (July 10, 2020, 10:57 AM EDT ) The American unit of Japanese home goods retailer Muji sought Chapter 11 protection in Delaware early Friday, burdened by COVID-19-related store closings and reporting more than $50 million in overall debt.
The 40-year-old venture's parent, Ryohin Keikaku Co. Ltd., reported retaining B. Riley Real Estate LLC as its property and lease consultant in an initial court petition, and retained Greenberg Traurig LLP as the company's counsel, along with Mackinac Partners LLC as financial adviser. John Bittner of Mackinact was named chief restructuring officer. The company has not yet filed details of its plans for restructuring or store closings.
Muji USA Ltd. listed 18 locations on its website Friday, in addition to its online store and noted that the COVID-19 pandemic had prompted closings across its system. The U.S. stores listed by the company include locations in New York, New Jersey, California, Massachusetts and Oregon.
Ryohin Keikaku describes Muji's wares as "minimalist" and operates the business in 31 countries, including Japan.
--Editing by Alyssa Miller.
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