OSAKA -- Better Life Co., a retailer of do-it-yourself and household goods, sought court protection from creditors Monday with liabilities of 23.1 billion yen, company officials said.
The company filed with the Osaka District Court for protection from creditors under a law introduced last April to allow firms facing imminent collapse to jump-start their rehabilitation, they said.
Better Life, founded in 1973, went public in 1997 on the second section of the Osaka Securities Exchange. It will be delisted June 20, the exchange said.
The company's earnings have deteriorated due to continued weakness in personal consumption and stiffening competition.
It is expected to post an unconsolidated pretax loss of 850 million yen for the business year to March 31.
Better Life was forced to dishonor 1.72 billion yen in bills and closed its 32 outlets March 12.