Coronavirus-Linked Failures Top 400 in Japan

Economy

Tokyo, Aug. 3 (Jiji Press)--The number of corporate bankruptcies triggered by the spread of the novel coronavirus has exceeded 400 in Japan, Teikoku Databank Ltd. said Monday.

As of 4 p.m. (7 a.m. GMT), the number stood at 406.

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 399 of the failed companies came to 241,057 million yen. About 80 pct were small or midsize businesses with liabilities of less than 500 million yen.

Fifty-six restaurant and bar operators went under, topping the list by industry category. They were followed by 48 hotels and “ryokan” traditional Japanese-style inns, 27 food wholesalers and 25 apparel retailers.

[Copyright The Jiji Press, Ltd.]

Jiji Press