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TOKYO, June 2 Asia Pulse - Ito-Yokado Co. (TSE:8264) plans to restructure its group department store operations by creating a new management company, The Nihon Keizai Shimbun learned Friday.
The management responsibilities currently held by wholly owned subsidiary Robinson's Japan Co. will be transferred to the new company as of June 1. Robinson's Japan, whose debt exceeded its assets as of the end of fiscal 2002, will be dissolved within this fiscal year, which ends February 28, 2004.
The new company will be capitalized at 3 billion yen (US$25.2 million), with Ito-Yokado providing 2 billion yen and ...
Source: HighBeam Research, ITO-YOKADO TO RESTRUCTURE DEPT STORE OPS WITH MITSUI'S HELP.