OSAKA -- Foodsnet Corp., a Kyoto-based sushi restaurant operator, filed for court protection from creditors on Thursday, effectively going bankrupt with 6.8 billion yen in liabilities, company officials said.
The chain of conveyor-belt sushi bars attributed its collapse to difficulty securing loans amid falling profits, harsh competition and declining consumption per person.
Given Foodsnet's filing under the fast-track Civil Rehabilitation Law, the Osaka Securities Exchange decided the same day to delist the company from the second section on Feb. 1. Foodsnet will be traded on the liquidation post from Friday to Jan. 31.