Japanese footwear retailer granted bankruptcy deadline extension
Beleaguered Japanese footwear retailer Marutomi Group is said to be talking to a number of investment firms with a view to them taking a shareholding – or even buying the company outright.
The news was disclosed in Nagoya District court on Monday June 11, where the Marutomi was due to submit a rehabilitation plan as part of its filing for bankruptcy protection.
The company originally filed for court protection in December after amassing some 76 billion yen ($623m) in debts. These were largely incurred as part of the company’s rapid expansion of its shoe retail network, which at one time comprised 1,800 shops. In view of the talks, the deadline for the rehabilitation plan was extended by another month at the hearing.
