The encyclopedia · Finance & Accounting · Financial decision · 2008–2026
Make Value grew from ¥1.7bn to ¥10bn in five years — then filed for rehabilitation
MF6 antique retailer Make Value filed for civil rehabilitation on 13 July 2026, ¥4.8bn in debt — 'profitable' businesses were actually loss-making.
Make Value · CyberStep Holdings · 2026-07-13
What happened
Make Value was set up in August 2008 to run reuse shops, and in 2019 it found its engine: antique furniture. Under the MF6 name and through its online store it expanded into precious metals, watches, furniture repair and reform, used car parts and used-car sales — and revenue followed, from ¥1.74bn for the year ended June 2020 to ¥10.00bn for June 2025.
The growth was inventory-hungry, and the cash position decayed underneath it. Cash flow deteriorated rapidly, and then doubts surfaced over the accounts themselves: businesses that had been reported as profitable were actually running at a loss. Self-rescue was tried first — in March 2026 it was announced that CyberStep Holdings would take over the used-goods trading business — but the turnaround ran out of road.
On 13 July 2026 Make Value applied to the Tokyo District Court for rehabilitation under the Civil Rehabilitation Act, listing about ¥4.823bn of debt to 71 creditors. The company is searching for a sponsor to rebuild on.
Why it happened
- Antique furniture and used parts tie up cash in stock long before sales return it; revenue grew about sixfold while cash ran out.
- The accounts misreported the picture — units booked as profitable were loss-making, so expansion was steered by wrong numbers.
- Divesting the core used-goods business to CyberStep was not enough to close the funding hole.
The lesson
Sixfold growth could not outrun the cash it burned: Make Value took revenue from ¥1.7bn to ¥10bn while 'profitable' units were actually in the red — filed July 2026 with ¥4.8bn of debt.
Aftermath
Make Value continues operating while seeking a sponsor for rebuilding under civil rehabilitation proceedings opened by the Tokyo District Court. Its used-goods trading business was slated to pass to CyberStep Holdings.
Sources
- Tokyo Shoko Research (TSR) — "Make Value Inc. applies for Civil Rehabilitation Act", July 2026 (filed 13 July 2026 at Tokyo District Court; debt ~¥4.823bn to 71 creditors; founded August 2008; reuse-shop operator, MF6 antique furniture retail and online; added precious metals, watches, furniture repair, used car parts, used cars; revenue ¥1,736.57m FY June 2020 to ¥10,001.61m FY June 2025; cash flow rapidly deteriorated; businesses reported profitable were actually loss-making; March 2026 CyberStep Holdings to take over used-goods trading business; seeking sponsor)
- Reuse Economy Shimbun — "Make Value applies for civil rehabilitation", July 2026 (applied 13 July to Tokyo District Court; antique furniture reuse business; FY June 2025 sales ~¥10bn)
- Kicks Blog (corporate credit watch) — "make Value, which runs Mf6, applies for Civil Rehabilitation Act, debt ¥4,451.8m", 13 July 2026 (filing date 13 July 2026; debt ¥4,451.8m per filing-time estimate; founded 2008; antique furniture from 2019; FY June 2025 sales ~¥10bn; March 2026 used-goods business divestiture announced; cash flow deterioration and accounting doubts)
spotted an error? The club wants to know.
More like this
Charul grew used luxury watch sales to ¥1.4B — then back taxes sank it
Goonies One, the Jimny dealer that sold cars it couldn't deliver, heads for bankruptcy
MOUSSY's owner is closing its Harajuku flagship — profit down 85% in a quarter
Somewhere, someone solved the problem this company failed at. 2nd Opinion →
Comments · 0
Sign in to join the comments.