In the Weekly Downturn News roundup of events related to the economic downturn from 12 to 18 October, announcements of loss-making financial results and bankruptcy filings came one after another. Developments involving overseas companies and workforce reductions were also covered.
This week, companies including Saitama-based 湯本製作所, Ibaraki-based マツシタホーム, Tokyo-based アカデミア・ミュージック and Tokyo-based クレセント filed for bankruptcy or began preparations to do so. Overseas, Getty Images in the United States began preparations to file for Chapter 11 bankruptcy, while in China, 重庆参天科瑞製薬 indicated that it was expected to petition to commence bankruptcy proceedings.\n\nIn terms of workforce reductions, Cookbiz, a recruitment website for the food-service industry, is cutting 20 employees through voluntary retirement. 日本エム・ディ・エム, which has a US subsidiary, also announced that it would cut 51 employees at Ortho Development Corporation.\n\nRegarding business withdrawals and suspensions, クリップコーポレーション announced its withdrawal from the food-service business, Shiseido announced the suspension of the Shiseido Running Club, and 岩塚製菓 announced the dissolution of 田辺菓子舗. Companies that disclosed loss-making financial results included ヒマラヤ, the major department store operator 大和, JN Group, Baroque Japan Limited, ANAP Holdings, abc and Shimane Bank.