Japanese retailer Aeon has sold its equity stake in the US bedding manufacturer Revman Industries for ¥2.3bn (US$19.0m).
Aeon is undergoing large-scale restructuring at the moment. The group sold the 3,950 shares in Revman held by its US subsidiary to Groupo Kaltex of Mexico. Aeon has owned Revman since 1990, when it bought it from Laura Ashley, the UK clothing and soft furnishings retailer. It has been making losses since 1999.
Aeon is expected to report an exception charge of ¥9.8bn from the share sale. However, as the loss has already been written off, it will have no impact on the group’s earnings for the business year in progress.