Muji slips into red after cruel summer in US and Europe

Japanese lifestyle brand books record write-downs on unprofitable stores

A Muji store on 59th Street in New York. The pandemic took a toll on the company's U.S. and European operations. (Photo by Ken Moriyasu)

Nikkei staff writers

October 9, 2020 03:17 JST

TOKYO -- The parent of the Muji lifestyle brand has suffered a 12.8 billion yen ($121 million) quarterly net loss and posted its biggest write-downs to date as it struggles to draw American and European customers back to its stores during the pandemic.