Administrators for the beleaguered Japanese supermarket operator Mycal said yesterday [Thursday] that they will decide by August which additional Mycal outlets will have to close.
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Late last year Mycal was given the go-ahead by the Tokyo District Court to start rehabilitation proceedings in accordance with the Corporate Rehabilitation Law. Initial plans announced late January saw the closure of 19 loss-making outlets, but a further group of stores will also shut up shop, although it is not yet known how many.
Legal administrator Hideo Seto said the group is now studying the possibility of Mycal paying back individual investors buying Mycal’s corporate bonds before paying for other liabilities. Administrators are also reported to be considering demanding that former management of Mycal assume liability for the company’s failure, reported Kyodo News.
