TOKYO - A privately owned Mazda dealership company in northeast Japan has filed for bankruptcy, according to Tokyo Shoko Research Ltd., a credit research firm that tracks bankruptcy filings.
Miyagi Mazda Hanbai became the first Mazda Motor Corp.-affiliated dealership company in Japan to file for court protection. It reported liabilities of ¥6.7 billion, or about $63.8 million at current exchange rates.
Mazda has been strengthening its factory-affiliated dealerships by injecting capital and by merging multiple dealerships in the same prefecture. But those programs apply only to dealerships owned in whole or in part by Mazda Motor Corp.