Bijutsu Shuppan-sha Co., a publisher of art books and magazines, including the widely acclaimed Bijutsu Techo magazine, has filed for court protection from creditors after being in business for more than a century.
According to credit research agency Teikoku Databank, the Tokyo-based publisher had debts totaling ¥1.96 billion as of the end of March 2014.
The company, set up in 1905, is known for publications specializing in a wide range of arts fields, including fine art, design and architecture. The monthly Bijutsu Techo features prominent artists at home and abroad. It also publishes 30 to 40 titles on fine art and art history.
It posted sales of ¥1.28 billion in the year ending in March 2014, according to the credit research agency. But in recent years the firm had suffered from declining sales.
In a bid to seek waivers on its massive debt, the firm on Wednesday filed for bankruptcy protection under the Civil Rehabilitation Law with the Tokyo District Court, according to Teikoku Databank.