WEB DESK
Nearly 500 Companies in Japan facing bankruptcy since the coronavirus pandemic claimed its first corporate victim in February.
A survey of Japanese businesses by Credit research firm Teikoku Databank said that the tally had climbed to 489 as of last Friday. It includes companies that filed for bankruptcy protection or launched legal liquidation procedures after halting operations.
Most cases were in the restaurant sector. That was followed by accommodation facilities and clothing retailers.
Separately, Tokyo Shoko Research, conducted a survey of small and mid-sized businesses from July to August.
8.5 percent of respondents said they may have to shut down if the coronavirus outbreak doesn’t end soon.
There are estimated to be almost 3.6 million small and mid-sized firms nationwide. That means that more than 300,000 of them are at risk of closure.