2025–2026Musinsa (무신사)
Musinsa let a seller sell ₩100k Chinese shoes as ₩700k premium — tag-swap scandal
seller hid 'Horween' claim after salescommissions on fake goods; trust damage; policy overhaul
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2026-07-07智己汽车 (IM Motors / SAIC)
Zhiji's authorised-dealer shift ended with stores running off with customer car payments
Dealer-run channel, no oversightStore collapses in 3 cities; lost payments, pawned certs
2026-01-05洗脸熊（洗脸吧）
Facial-cleaning chain 洗脸熊's prepaid-card store-run stranded members across cities
No escrow on franchisee prepaid cashStranded prepaid balances; stores shuttered across cities
2006–2026Provision
Provision: a Fukuoka firm's e-commerce pivot cut sales from ¥530M to ¥150M
online competition and debt repaymentsbankrupt, ~¥23M liabilities
2008–2026Megu
Megu: a Yamagata fashion chain opened six stores on debt and stopped trading
store-opening debt outpaced thin marginsbankrupt, ~¥140M liabilities
2018–2026Morellato S.p.A.
Morellato capped its sellers' discounts and banned marketplaces — Italy fined it €25.9M
7 years of price and channel control€25,895,043 AGCM fine (RPM + marketplace bans, 2018–2025)
2007–2026Maoye Commercial
Maoye's department stores went 19 years without a loss — then lost ¥246M in one
every regional store shrank at once¥246.1M net loss, first since 2007
2018–2026Zara
Zara's China stores fell from 183 to 60 — a local rival ate its market
a local rival out-grew it everywherestores fell from 183 to about 60, a 67%+ decline
1984–2026SET-ONE (株式会社SET-ONE)
SET-ONE (株式会社SET-ONE), Fukui/Kanazawa women's select-shop chain, bankrupt in 2026
Filing for bankruptcy Jun 2026Bankrupt Jun 2026; ¥86M liabilities, 42-year history
2002-2026IVYZATION (株式会社アイヴィゼイション)
IVYZATION, a Kyushu middle-aged women's clothing wholesaler, founders
COVID cut demand; support loans came dueBankrupt with ¥100M in debt; operations ceased
2008-2026Brassette Frères (株式会社ブラセットフレール)
Brassette Frères, a Fukuoka boutique-build fashion house, goes bankrupt
Boutiques shrank; COVID loans came dueBankrupt with ¥55M in debt; operations ceased
2026Palace Skateboards
Palace cancelled its Nike Air Max 95 NYC release after wristband chaos and arrests
Wristband queue spiralled, NYPD shut itNYC in-store release cancelled; 2 assault arrests
2025–2026Vans
Vans' Fifth Avenue drop shut down by a near-riot over the Satoshi Nakamoto collab
Hyped first-come drop, no crowd controlFifth Avenue store shut for the day; 2 arrests
2024–2026Three Sheep Network (三只羊网络)
Three Sheep resumed streaming without its star — the peak never came back
The star IP became a liabilityComeback at ¥250-500K per stream vs ¥100M+ peaks
2012–2026E-Land Retail
E-Land's NC Outlet EXCO lost its lease — 63,000㎡ of Daegu retail stands empty
lease renewal talks collapsed14-year, 63,500㎡ store gone; complex faces vacancy
2024–2026Din Tai Fung (鼎泰丰)
Din Tai Fung lost its whole North China network when the license broke
License lapsed; renewal talks failedNorth network gone; 14 stores left of a national map
2012–2026Shangshangqian (上上谦火锅)
Shangshangqian — Joker Xue's hotpot chain — closed its last store after 14 years
Fame faded; fans stopped returningAll ~30 stores gone; 14-year brand ended
2025–2026H&M
H&M downgraded Greater China and shut every central Hangzhou store
High-rent stores stopped paying500+ stores to ~158; region status lost
2019–2026Häagen-Dazs (哈根达斯)
Häagen-Dazs closed 92 China stores in a year — and handed the rest to a tea chain
The ¥58 scoop stopped selling550 stores to 171; parlors licensed away
2025–2026Xibei (西贝餐饮)
Xibei is closing 102 stores — 30% of its network — after the pre-made food crisis
Pre-made food crisis broke the trust102 stores closed; January sales down 50% y/y