OSAKA -- Confectioner Takarabune Corp. said Friday it has filed for court-led rehabilitation under the fast-track Civil Corporate Revival Law, crippled by debts of 25.53 billion yen.
The firm, listed on the first section of the Osaka Securities Exchange and based in Kyoto Prefecture, is the second listed company in Japan to go under this year.
Takarabune said it filed for rehabilitation with the Kyoto District Court because it was unable to raise its profitability amid dwindling sales.
Takarabune runs about 1,100 confectionery retail outlets nationwide.