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Japan:370 companies bankrupt following March quake

Thursday, October 13, 2011

Laaska News Oct. 13,2011

A survey has found that nearly 400 companies have gone bankrupt in Japan as a result of the March 11th earthquake.

Private credit research firm Teikoku Databank says at least 373 companies have collapsed in the 7 months since the disaster. Total liabilities amounted to 624 billion yen, or about 8 billion dollars.

The number of bankruptcies is almost the same as occurred in the three years following the Great Hanshin Earthquake in 1995.

Construction firms topped the list with 63 bankruptcies, followed by hotels and inns with 32 and clothing companies with 23.

The report says some retail and service firms located far from the disaster area have also collapsed, affected by a drop in consumer spending.

The researchers say they expect the number of business failures to rise, as nearly 2,500 companies are still unable to operate because of damage to their facilities.

Oct. 12.


Laaska News.