In a bid to clear some of its group debts (¥1,160bn) struggling supermarket operator Mycal has revealed that it will be selling its 53.3% stake in its health club operating subsidiary.

Games software developer Konami will purchase the stake of People for ¥75.9bn.

The deal will be completed by 19 February and is in line with Mycal’s recent announcement of a restructuring effort to produce cost savings (click here for article) and cut debts by ¥910bn by August.