Signs of overseas retreat: Mitsukoshi sells Tiffany stake amid sales slump
Article Abstract:
The once-venerable Japanese department store chains are giving up their overseas interests as they struggle to survive amid the recession in Japan. The latest department store chain to retreat from the overseas market is Mitsukoshi Ltd, which is planning to sell its 12% stake in US jeweler Tiffany and Co worth $267.41 million as of Jan 8, 1999. In 1998, Daimaru Inc of Osaka either shut down or withdrew from four overseas outlets in Paris, France, Hong Kong and Thailand. The current situation of Japanese department stores is a far cry from the 1980s, when they were awash in cash and were considering acquiring troubled US retailers such as Bloomingdale's and Saks Fifth Avenue.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1999
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Retailer Mitsukoshi seems ready to end its losing streak
Article Abstract:
Mitsukoshi has announced that it is prepared to embark on an effort to improve its efficiency after years of posting losses. The company stated that it will either close unprofitable stores or give the stores a more focused merchandising plan. The company's investors greeted the announcement with satisfaction although several observers are pessimistic about the announcement. The skeptical observers point out that the company's recent record on reform in which it has failed to correct previous errors. These errors include an outmoded retailing expertise and strategic mistakes that were made during the past few years.
Comment:
Announces that it is prepared to embark on an effort to improve its efficiency after years of posting losses
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1998
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Merger fever is heating up; activity illustrates changing corporate culture
Article Abstract:
Japanese companies are caught up in a new merger wave as the country's large business groups reorganize. Much of the activity is taking place within large groups that have units bound more by historic ties than by formal equity ties. Recent mergers of this kind include the the acquisition of Ryoshin Leasing Corp by Diamond Lease Co. Corporate marriages such as the one between units of Hino and Isuzu are now more commonplace, while mergers between competitors still occur on occasion, a good example being the merger of paper makers Takasaki and Sanko.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1999
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