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Sogo aims to merge operations with Seibu by June.
(From Agence France Presse)
Japanese department store chain Sogo, emerging from its rehabilitation after a spectacular failure in 2000, aims to merge operations with debt-ridden retailer Seibu by June, the head of Sogo said.
If creditors of Seibu Department Stores Ltd. agree to the scheme, it would create Japan's second largest department stores group after Takashimaya, with annual sales of one trillion yen (8.4 billion dollars).
Sogo Inc. president Shigeaki Wada said late Friday he planned to set up a holding company and integrate operations of Sogo and Seibu department stores under it "in the first half of 2003."
Wada unveiled the plan at a news conference marking ...
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