The Japanese home goods retailer Muji has filed for bankruptcy protection in the US after falling into debt. This could lead to store closures in the UK as the business drives to reduce costs. The company blamed the COVID-19 pandemic and high rent payments in poor economic conditions.
Muji will develop a plan for restructuring in the next 180 days. The restructure will include store closures as well rent negotiations as the business strives to pay off a debt of $64 million.