Society

Tokyo-based developer of laundry-folding robot files for bankruptcy

Apr 24 (Japan Times) - A Tokyo-based developer of a laundry-folding robot filed for bankruptcy on Tuesday due to financial difficulties.

Seven Dreamers Laboratories Inc. released a statement saying that it had insufficient funds to continue the business despite its wish to provide unique products to consumers.

The firm created a buzz when it unveiled its automated laundry-folding machine, dubbed Laundroid, in 2015.

According to Teikoku Databank Ltd., a credit research company, Seven Dreamers Laboratories had Â¥2.2 billion in debt, as it struggled to ship the robot and had to invest heavily in its research and development.

After postponing its initial goal to sell the robot in fiscal 2017, it had to push back its goal for fiscal 2018, too.

It is negotiating with other firms to sell and transfer the Lanudroid business, Teikoku Databank said.

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