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ECONOMY

Coronavirus-related bankruptcies top 130 in Japan

  • May 12, 2020
  • , NHK WORLD
  • English Press

A credit research firm says more than 130 Japanese companies have gone bankrupt due to the effects of the coronavirus pandemic.

 

Teikoku Databank said 81 companies filed for bankruptcy as of Monday evening. It added 52 other companies are in the process of liquidation. Thus a total of 133 firms have gone under.

 

By industry, hotels and inns accounted for the largest share of the total, at 33. Restaurants and bars came next at 13, followed by apparel shops and miscellaneous goods stores at 12.

 

Firms operating in the 13 prefectures designated as special-alert regions account for 60 percent of the total, with 28 bankruptcies in Tokyo, 14 in Hokkaido, 12 in Osaka, and eight in Hyogo.

 

The research firm says many owners chose to close their businesses before running up huge debts.

 

It said long-term support to small and mid-sized businesses is indispensable as it is likely to take more time before business activities begin to pick up.

 

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