Failed Renown Delays Rehab Plan Submission by 6 Months
Tokyo, Aug. 17 (Jiji Press)--The submission of a draft rehabilitation plan by failed Japanese apparel maker Renown Inc. has been postponed for six months, it was learned Monday.
Renown was slated to submit the draft plan to Tokyo District Court by the day, but failed to do so as the company and a potential turnaround sponsor firm were unable to conclude their negotiations. The deadline was pushed back to Feb. 17 next year.
Renown hopes to reach an agreement by the end of this month with the prospective sponsor company on the sales of its apparel brands, according to a source related to Renown.
The rehabilitation plan is expected to include ways to tackle issues, such as accounts receivable from a Chinese company.
Renown went bust in May due to a slump in sales amid the novel coronavirus outbreak.
[Copyright The Jiji Press, Ltd.]