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MUJI Files for Bankruptcy in the USA

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Source: The Cut/CNN

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The Covid-19 pandemic has brought many retailers to a crashing halt with Muji becoming its latest victim.

Joining the list of other big brands such as GNC, Victoria’s Secret, GAP, Forever 21, Bath & Body Works and many more, Muji has filed for bankruptcy and will be shutting down a small number of stores in the process.

Now for those who are not familiar with the Muji brand name, Muji is a store that focuses on selling minimalist decor, stationary, clothing and trendy home-goods.

According to its CEO Satoshi Okazaki, “Muji has felt the devastating effects of the Covid-19 pandemic on in-store retail, and as a result, will take this opportunity to refocus our efforts in the United States on key regional markets and e-commerce.”

Not exactly going out of business, the move was done to refocus business efforts to markets that are more profitable to Muji.

Joining a list of other retail giants, only time will tell how many more businesses will face the axe as the pandemic continues around the world.

 

Also read: H&M Is Closing 170 Stores Worldwide, Will This Include Malaysia’s Outlets?

 

Source: CNN

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



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