OSAKA – Sotsu Corp., known for its TV home shopping service called Nihon Chokuhan, effectively went bankrupt Friday, filing for court protection from creditors under the corporate rehabilitation law. Its total liabilities are about ¥17.4 billion.
The Tokyo-based call center operator transcosmos inc. meanwhile announced it has started talks with Sotsu to become its sponsor to help it survive.
Sotsu, an Osaka-based company launched in 1961, has long been synonymous with home shopping TV programs.
The firm’s business performance has deteriorated recently amid the prolonged economic slump and growth of online shopping services.
The company has about 190 employees and is believed to have more than 1 million registered member shoppers.