The encyclopedia · Sales & Retail · Strategic decision · 1984–2026
SET-ONE (株式会社SET-ONE), Fukui/Kanazawa women's select-shop chain, bankrupt in 2026
A boutique that grew into a women's select-shop chain in Fukui and Kanazawa saw its ¥120M peak sink into ¥86M of debt when mall retail stopped paying.
SET-ONE (株式会社SET-ONE) · 2026-06-17
What happened
SET-ONE was founded in 1984 as a boutique in Fukui City, Fukui Prefecture, and grew into an operator of select shops for women, selling women's clothing, bags and shoes.
It expanded to two stores in Fukui City and one in Kanazawa City, later adding a store inside a shopping mall in Kaga City, Ishikawa Prefecture. Sales peaked at about ¥120 million in 2013.
Business performance then declined with no prospect of recovery, and cash flow reached its limit. The company abandoned continuation, filed for bankruptcy on 2 June 2026, and on 17 June 2026 the Kanazawa District Court, Komatsu branch, commenced bankruptcy proceedings with liabilities of about ¥86 million.
Why it happened
- A chain living on borrowed reach: opening a store in a Kaga shopping mall added scale but not resilience, and when mall foot traffic faded the added store became overhead rather than growth.
- No path back to the 2013 peak: sales declined and never recovered, and without a second model to fall back on the company had no way to arrest the slide.
- Cash flow was the binding limit: once performance fell and recovery looked impossible, the money ran out faster than the business could be reinvented, leaving abandonment as the only move.
The lesson
Growth that only adds stores is reversible: SET-ONE's mall expansion bought a ¥120M peak, but when the traffic left so did the cash, and ¥86M of liabilities ended a 42-year chain.
Aftermath
SET-ONE, founded in 1984 as a boutique in Fukui City, ran select shops for women selling clothing, bags and shoes, expanding to two stores in Fukui City, one in Kanazawa City, and later a store in a Kaga City shopping mall. Sales peaked at about ¥120 million in 2013. Performance then declined with no prospect of recovery, cash flow reached its limit, and the company abandoned continuation. It filed for bankruptcy on 2 June 2026, and on 17 June 2026 the Kanazawa District Court, Komatsu branch, commenced bankruptcy proceedings with liabilities of about ¥86 million.
Sources
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