Watabe Wedding, a major wedding service company headquartered in Kyoto, uses a private reorganization system called "Business Revitalization ADR" because wedding cancellations are in a difficult business situation due to the influence of the new coronavirus. I decided to do so and asked a financial institution for help.
Due to the impact of the new coronavirus, the weddings of Watabe Wedding were canceled one after another, and the final profit and loss of the entire group for the fiscal year ended December 31, last year was 11.7 billion yen.
According to the company's announcement, about 130 people have voluntarily retired and about 30 bases in Japan and overseas have been reduced, but as of the end of December last year, they had an insolvency of 800 million yen. I will.
For this reason, the company decided to use a system called "Business Revitalization ADR" at the board of directors meeting on the 19th, saying that it was necessary to take drastic improvement measures.
The company plans to utilize this system to rebuild its management by requesting the financial institutions with which it does business to suspend the repayment of the principal of its borrowings.
Watabe Wedding has been focusing on weddings overseas, and has subsidiaries such as "Meguro Gajoen" in Tokyo, and currently has about 100 wedding halls in Japan and overseas.