Minami Corp., a cash-strapped sporting goods retailer, filed for court protection from creditors Wednesday with liabilities of 28.9 billion yen, the company said.
The Tokyo-based company, capitalized at 70 million yen, applied for protection under the Civil Corporate Revival Law at the Tokyo District Court after it gave up trying to rehabilitate itself.
Minami, founded in 1948, feverishly opened new outlets and built large shops nationwide during the 1990s, resulting in a record 37.5 billion yen in sales in the 1992 business year.
But its cash flow deteriorated due to slack sales of its ski equipment and other staple products.
The company plans to close 10 loss-making outlets out of its 48 shops.