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Coronavirus-linked business failures exceed 400 in Japan

A woman walks in an underground shopping mall with closed shops, near a Tokyo railway station. April. 8, 2020. (AFP)
A woman walks in an underground shopping mall with closed shops, near a Tokyo railway station. April. 8, 2020. (AFP)
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03 Aug 2020 10:08:38 GMT9
03 Aug 2020 10:08:38 GMT9

The number of corporate bankruptcies triggered by the spread of the novel coronavirus has exceeded 400 in Japan, Teikoku Databank Ltd. said Monday. 

A growing number of restaurants and hotels have been forced out of business due to voluntary restrictions on going out, according to the credit research company.

Total liabilities left by 385 of the failed companies came to 239,485 million yen. Nearly 80 pct of the 385 were small or midsize businesses with liabilities of less than 500 million yen.

Fifty-four restaurant and bar operators went under, topping the list by industry category. They were followed by 48 hotels and “ryokan” traditional Japanese-style inns.

By prefecture, the number of bankruptcies was highest in Tokyo at 95.

The Tokyo metropolitan government’s request that bars and restaurants serving alcoholic drinks and karaoke parlors shorten their operating hours until the end of this month will likely trigger more bankruptcies, a Teikoku Databank official said.

JIJI Press

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