Japanese supermarket chain Heiwado Co revealed earlier today [Thursday] that it has applied to buy out some outlets of the failed retailer Mycal Corp.
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“We believe there are merits for us, so we applied to become a sponsor,” a Heiwado spokesman told the Kyodo News, as the company joined a list of around 50 companies that have shown an interest in Mycal’s outlets.
Hikone-based Heiwado mostly operates in the Shiga Prefecture, but has drawn up plans for expansion to the Kyoto, Osaka and Fukui prefectures. It has expressed interest in the outlets throughout the Shiga, Osaka and Kyoto prefectures, as well as in the Hokuriku region on the Sea of Japan coast.
Mycal filed for court protection from creditors in mid-September, when it collapsed under the weight of a ¥1,388.1bn (US$11.47bn) debt, becoming Japan’s fourth-largest corporate failure since the second world war.
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