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Rengo calls on government to act on job losses (28.08.) Mycal will close stores and move hq staff to shop floor |
Large supermarket
retailer in trouble:
Japan's Mycal files for bankruptcy protection Yesterday, Japan's fourth largest supermarket operator Mycal filed for protection against its creditors. The company's debts are close to 12 billion USD. It has survived with the support of the Dai-ichi Kangyo Bank, but this has now been withdrawn. The bank stated that Mycal failed to come up with a viable restructuring plan. According to Japan Times, this is the largest company outside the finance sector to go bankrupt since department store operator Sogo collapsed in July last year. With 228 stores, Mycal has 14,500 workers whose employment is now at stake. Some foreign retailers have been said to have an interest towards some, but not all, of Mycal's stores. |
