Japan sees more than 400 coronavirus-linked corporate failures

04-Aug-2020 Intellasia | JapanTimes | 6:02 AM Print This Post

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

More and more 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 JPY 239,485 million. Nearly 80 percent of the 385 were small or midsize businesses with liabilities of less than JPY 500 million.

Fifty-four restaurant and bar operators went under, topping the list by industry category. They were followed by 48 hotels and 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.



Category: Japan

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