The Teikoku Databank, Ltd. said as of Monday that corporate bankruptcies caused by the spread of the new coronavirus reached 406 nationwide, with the largest number of 56 cases being in the restaurant business, where sales fell sharply due to voluntary business restraint. Hotels and inns totaled 48, and food wholesalers had 27.
Tokyo recorded the highest number of cases with 97, followed by Osaka with 42 and Hokkaido with 23. In terms of liabilities, about 80% of cases were under 500 million yen. Bankruptcies are on the rise, particularly for small-and medium-sized companies.
The number of virus-related bankruptcies reached 400 cases over 159 days after a food manufacturer in Hokkaido went bankrupt on Feb. 26. The Tokyo metropolitan government asked restaurants and other businesses to shorten their evening hours from Monday. Teikoku Databank said "the number of bankruptcies related to the virus will probably continue to increase, especially in the restaurant industry."
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