High-end Jewelry Chain Miki of Japan Declares Bankruptcy
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22.01.09, 12:38
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World
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In a shocking development on the opening day of an already quiet trade fair, Miki Corporation, Japan's biggest chain of jewelry shops, known as the “Tiffany's of Tokyo,” declared bankruptcy, writes Times Online.
Buyers and other Japanese retailers attending the Tokyo International Jewelry Fair told The Times that the collapse of Miki, which buckled under an estimated Y12billion (around $123 million) of debt and a remorseless decline in jewelry sales, represented the worst possible start to 2009, the report said.
Miki's bankruptcy, which coincides with what would have been its fortieth anniversary, was triggered by jewelry sales that are now a tenth of what they were at their peak, it said.
The collapse comes only weeks after LVMH, of France, one of the world's largest luxury goods groups, scrapped plans to build a Louis Vuitton flagship store in the heart of Tokyo, according to the report.
Moreover, fears are growing for Japan's other big jewelry chains. Tasaki Shinju, a pearl specialist and one of the most venerable names in Japanese retail, is making a loss and recently outlined plans to shed a third of its workforce, it said.
Industry sources told PolishedPrices that the main suppliers of MIKI were Rosy Blue, Kuwayama and Namiki.
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By: PolishedPrices
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