Struggling Japanese retailer Daiei is reportedly planning to sell or shut down around 30 non-core group companied in a bid to cut debt.
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As part of a rehabilitation plan presented to creditor banks, Daiei plans to reduce its interest-bearing debt to ¥490bn (US$4.4bn) by 28 February 2006, from ¥1.07trn at the end of February 2004, reported AFX Asia, citing Japanese media.
Daiei currently has around 100 group companies in sectors such as leisure, department stores, service and sports.
The group is also believed to be planning to close around 20 unprofitable stores in its main supermarket chain.
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