Midsize trucking firm Footwork Express Co. and two of its affiliates said they have filed for court protection from creditors under a year-old law designed to make it easier for troubled firms to win court protection.
Footwork Express, parcel delivery service firm Footwork International Corp. and Footwork Express Hokkaido Co. took the legal action at the Osaka District Court on Sunday under the Civil Rehabilitation Law, with total liabilities of 171.8 billion yen.
Footwork Express said Sunday that its liabilities alone total 140.7 billion yen.
Footwork International said it filed for protection as it is difficult to carry on without collecting 18.3 billion yen in claims to Footwork Express. Footwork International has liabilities of 23.7 billion yen.
Established in 1938 and based in Kakogawa, Hyogo Prefecture, Footwork Express has 6,050 employees and logged 96.1 billion yen in sales for the year ending Dec. 31.
Footwork Express has been hit by increasing competition.