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Coronavirus bankruptcies in Japan reach 1,100

  • March 3, 2021
  • English Press

A credit research firm says 1,100 companies in Japan have gone bankrupt since February last year due to the coronavirus pandemic.


Teikoku Databank says 1,100 companies had completed or were preparing for legal liquidation due to the virus as of Wednesday morning.


Bars and restaurants topped the list with 172 going under, followed by construction firms at 92 and hotels and inns at 79.


Tokyo had 264 bankruptcies, Osaka Prefecture had 108 and Kanagawa Prefecture 64.


Teikoku Databank points out a noticeable increase in bankruptcies among bars and restaurants in urban areas under the government’s state of emergency declaration.


It says if the declaration is extended for Tokyo and three neighboring prefectures, a long-term decline in personal spending will be inevitable, possibly resulting in more bankruptcies.

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