Polaris's Fusen-Usagi Filed For Bankruptcy

Fusen-Usagi Corporation, apparel maker specializing in baby/kid clothing, filed for bankruptcy at Osaka Regional Court on October 15th with JPY 3 billion debt. Fusen-Usagi has been invested by Polaris Capital's 1st fund since 2006. According to Teikoku Data Bank, the kid apparel maker has been divesting real estates, closing unprofitable overseas operations and streamlining corporate structures with a substantial restructuring under Polaris. Nonetheless, sharp decline in sales finally brought the  97 year old company to bankruptcy. The 2013 sales stood at JPY 6.2 billion, less than a quarter of  JPY 26.6 billion in 2000.