Japan’s Miki Corp. Declares Bankruptcy

Miki Corporation, one of Japan's largest diamond and jewelry retailers, has declared bankruptcy, the Japanese press reported Thursday. The firm is a diamond manufacturer and owns the retail stores ‘Jewelery Maki’ and ‘Joyeux Couture Maki’.

Called by some the “Tiffany's of Tokyo,” collapsed under mounting debts estimated at 12 billion yen ($134.74 million). Japan has been facing a long lasting recession. The most recent holiday season retail sales plunged to their worse in a decade.

According to The Times, other Japanese jewelry chains are at risk. It noted that Tasaki Shinju posted a loss and recently outlined plans to shed a third of its workforce.