FUKUOKA (Kyodo) The once-buoyant camera and electrical appliance discount chain Doi has started court-supervised bankruptcy procedures for winding up its operations, the firm's court-appointed administrator said Wednesday.
The Tokyo District Court authorized Doi, which once ran a network of Kamera-no Doi stores in Tokyo and other cities, to start procedures on March 8, the administrator said.
Doi, which in August 2003 secured court protection from creditors under the Civil Rehabilitation Law, had been seeking to revive its performance under a court-approved restructuring and rehabilitation program.
But the program itself stalled amid intense competition with rivals, leading Doi to decide to terminate the rehabilitation efforts.
The company, whose legal headquarters is located in Fukuoka, had amassed 5.5 billion yen in debts before the court authorized the start of the rehabilitation program, according to Teikoku Databank.