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Apparel maker Moku des Moku files for bankruptcy protection+(Japan Economic Newswire Via Acquire Media NewsEdge) KYOTO, Feb. 27_(Kyodo) _ Moku des Moku, an apparel maker known for its Olive des Olive brand clothing for teenage girls, filed for bankruptcy protection on Friday with about 16.1 billion yen in debts, lawyers for the company said. The Kyoto-based company, which has expanded business to China, South Korea and Taiwan, filed an application with the Kyoto District Court and was granted protection from creditors under the Civil Rehabilitation Law, they said. Moku des Moku will continue business operations while seeking a sponsor to help reconstruct its business, they added. According to private credit research agency Teikoku Databank, Moku des Moku was established in 1979 and has a workforce of around 350, including part-timers. It reported sales of 12.1 billion yen in the year that ended last September. However, the revelation of a fictitious earnings report last May prompted banks and other lenders to refrain from extending loans to the company, resulting in a cash shortage for the company, Teikoku Databank said. The Olive des Olive brand clothing, designed mainly for young girls and children, has gained popularity in the country, with its products being sold in department stores and other stores. Copyright ? 2009 Kyodo News International, Inc. |