Muji secures rescue deal after entering administration
Muji has secured its future after agreeing a rescue deal with its parent company.
The Japanese retailer signalled its intention to make the move at the end of March in a bid to keep its UK stores open.
According to a newly-filed statement with Companies House, EY was appointed to over see the administration process for Muji ahead of Muji Europe Holdings Limited being sold to Muji Europe Limited.
In a statement on March 28, Muji said its planned entry into administration was “part of a planned strategic restructuring”.
Muji’s has five stores in London – Carnaby Street, Covent Garden, Islington, Kensington, Oxford Street and Tottenham Court Road – as well as one in Birmingham.
In Europe, it has stores in Finland, France, Italy, Germany, Spain, Portugal, Switzerland and Denmark. It also has franchise stores in Ireland and Poland.
A Muji spokesperson said: “Muji Europe Holdings Limited (MEH) has now appointed joint administrators from EY who have agreed a sale of the business and certain assets to Muji Europe Limited.
“For Muji’s colleagues and customers in Europe it remains business as usual – all stores and e-commerce will continue to operate as before, and all new and outstanding orders will be fulfilled.
“Following the restructuring, Muji will receive significant investment from its main shareholder and has plans for new stores and an improved e-commerce offer in Europe.”
The accounts for Muji Europe Holdings for the year to August 31, 2022, were supposed to be filed with Companies House by the end of August 2023 but have not been done so.
No accounts for its year to the end of August 2023 have been filed either.
The brand is ultimately owned by Ryohin Keikaku Co which trades on the Tokyo Stock Exchange.