Yohji Yamamoto files for bankruptcy today

Yohji Yamamoto, the Japanese fashion designer whose company filed for bankruptcy today, will continue to design the Y3 sportswear line for Adidas AG.

Adidas has a “long-term cooperation” with the Yokohama- born designer that is expected to continue, Kirsten Keck, a spokeswoman for the German sporting goods company, said in a telephone interview. Y-3 has delivered far beyond Adidas initial sales expectations, initially appealing to a sport conscious fashion forward consumer. However, with the continued expansion of Y-3 stand alone stores, it remains to be seen if the allure of Y-3 will continue for much longer.

Yohji Yamamoto Inc. filed for bankruptcy today in Japan amid slumping global sales, the company’s French creative director, Irene Silvagni, said today in Paris.

The Japanese company’s debts totaled six billion yen ($67 million), more than its assets, according to Associated Press. Integral Corp., an investment company based in Tokyo, will “sponsor the firm’s rehabilitation,” Nikkei reported earlier today.