Discount chain Kimuraya has to file for court protection

Discount store operator Kimuraya filed Monday with the Tokyo District Court for protection from creditors under the Civil Rehabilitation Law, according to a private credit research agency.

Kimuraya went down with liabilities totaling some 30 billion yen, according to Teikoku Databank.

Founded in 1955, Kimuraya operates 14 discount stores for home appliances, information equipment, men's suits, golf gear, wristwatches and other goods mainly in Tokyo.

The company fell into financial trouble as a result of sluggish personal consumption and failed to turn the situation around despite restructuring efforts, it said.