Credit research firm Teikoku Databank Ltd revealed yesterday [Monday] that according to its figures, 64 companies have filed for bankruptcy as a direct result of the outbreak of mad cow disease in Japan last September.
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The companies, of which 75% are meat sellers and barbecue beef restaurants, have between them racked up total liabilities of around ¥39.06bn (US$0.33bn) to the end of June this year.
Teikoku Databank explained that 53% of the bankruptcies were blamed on plummeting sales and 86% are small businesses with liabilities of less than ¥1bn.
February of this had the highest monthly bankruptcy rate, with 12 cases.
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