"EDWIN", the biggest domestic jeans, applies for business revitalization ADR procedure

ByEka Shoniya

Edwin Co., Ltd. which was founded as "Tenmi American Yachi Shop" that sells textile products in 1947 and which sold "EDWIN" branded jeans as domestic jeans, and 28 of the group companies have financial obligations A total of 17 companies, including 16 companies, to the Business Revitalization Practitioners AssociationBusiness Revitalization ADRIt turned out that I applied for the use of procedures.

Edwin Co., Ltd. | Bankruptcy Update | Latest Articles | Tokyo Shoko Research
http://www.tsr-net.co.jp/news/flash/1242850_1588.html


According to Tokyo Shoko Research, the cause of Edwin's slump is as follows.

However, in addition to the rise of fast fashion, recent performance has been sluggish due to the impact of the Great East Japan Earthquake. There was also rumors about the occurrence of derivative losses.

Under these circumstances, in August 24, it was reported that the accounting managers of the group suddenly died and that the cause was hidden in the loss of 20 billion yen due to failure of securities investment. In connection with the loss occurrence, a third-party committee was established with the possibility that inappropriate accounting might have been carried out, and along with this, the trend of the entire group attracted attention. After that, bank banks held a bank meeting for over 10 banks by the dealer banks and were looking for a management rebuilding plan, but the transactions banks were unable to complete the intention and the reconstruction plan formulation was not progressing quite a bit.

Meanwhile, on October 21 this year, we held a briefing session gathered about 130 business partners in Tokyo. At the meeting, it was reported from Nomura Research Institute, a financial adviser to Edwin, that there were no problems in performance and cash flow, but there was no detailed explanation on concrete reconstruction measures etc., and the voices of confusion were raised among related parties It was.

Trends towards the rebuilding of the Edwin Group will be noticed as well as continuing selection of sponsors.