Major Japanese underwear maker Silver Ox has filed for bankruptcy with debts amounting to more than JPY5.7bn (US$62m).

The Osaka-based company, which filed for protection from creditors Tuesday, has run a year of losses and decreasing sales.

Silver Ox logged a net loss of JPY300m for the year ended 31 March on sales of JPY19.6bn.
 
By Michael Fitzpatrick.