Renown under civil rehabilitation proceedings to transfer the underwear subsidiary August 21 21:39
Renown, a major apparel company that is proceeding with civil rehabilitation procedures, has decided to transfer its subsidiary, which manufactures and sells underwear and socks, to a manufacturer of stockings in Kanagawa prefecture.
According to the announcement, Renown decided to sell all the shares of Renown Inc., a subsidiary that manufactures and sells underwear and socks for men, to Atsugi, which is headquartered in Ebina City, Kanagawa Prefecture and manufactures stockings. We have signed a contract to transfer on the 1st of the month. The transfer amount is not disclosed.
Renown is a major apparel company that develops men's clothing brands such as “Durban” and “Aquascutum”, but its cash flow deteriorated due to the effect of the store being closed due to the spread of the new coronavirus, and the management was stalled. Civil rehabilitation procedures are under way under the trustee selected by.
According to the trustee, we will continue to select the recipients for the main business such as "Durban" and "Aquascutum," so we would like to decide this month.