Major Japanese book retailer Yohan Inc on Thursday filed for bankruptcy with Tokyo District Court with debts of some 6.5 billion yen, Teikoku Databank Ltd said.
Yohan Book Service Inc, which is receiving business turnaround support from Yohan Inc, also went bust, filing for protection from creditors with the same court under the Civil Rehabilitation Law, according to the credit research agency.
Yohan Book Service, which operates Aoyama Book Center, left debts of about 5.4 billion yen.
Established in 1953, Tokyo-based Yohan Inc imports such books as U.S. magazine Newsweek and runs bookstores.
The company has run into financial difficulties since its interest-bearing debts mounted following its aggressive investments.
In the year that ended in November 2007, the firm incurred a net loss of 1,065 million yen.© JCN