Struggling Japanese retailer Daiei will reportedly not seek restructuring help from a state-backed agency.
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The company, which is Japan’s third-largest supermarket chain and a potential takeover target for US retail giant Wal-Mart, will cooperate with the Industrial Revitalisation Corp of Japan (IRCJ) but would seek financial help elsewhere, Reuters reported citing sources.
Daiei has until Tuesday to decide whether it needs the IRCJ’s help. Some of the company’s main creditors had called for the company to accept assistance from the state-backed agency.
