Japanese confectionery maker Fujiya Co. has posted record annual losses in the wake of the recent scandal involving out-of-date ingredients.
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Releasing its results for the 12 months to 31 March, Fujiya today (24 May) booked an operating loss of JPY6.7bn (US$55.2m).
Fujiya was found to have used out-of-date ingredients in the production of some of its confectionery products.
Sales plummeted by almost 25% as Fujiya was forced to close some of its own retail outlets and lost contracts with a number of other retailers.
The company had sold off its head office and other assets in a bid to stem its losses.
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By GlobalDataIn March, Yamazaki Baking bought a 35% stake in Fujiya, which then won back sales contracts with retailers affiliated to the company.
