Struggling Japanese retailer Daiei has forecast a net loss of ¥510bn (US$4.9bn) for the year to the end of February.
Japan’s third-largest retailer, which is currently being rehabilitated by the Industrial Revitalisation Corporation of Japan, is expected to record a ¥500bn charge related to the closure of more than 50 stores, reported The Financial Times.
Toshio Hasumi, Daiei’s president, said the situation had hit staff morale and customer loyalty.
“Delays in deciding whether to tap the IRCJ for assistance caused turmoil for customers as well as employees,” he was quoted by the FT as saying.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData