JAPAN: Bail Out Fund Demands Better Deal From Sogo
Japan's bank bailout fund has asked failed retailer Sogo to revise its recovery plan so it can repay more of its 1.87 trillion yen ($17bn) debt and reduce the burden on taxpayers, according to Bloomberg. Last month, the department store operator proposed a 10-year rehabilitation plan, saying it would repay just 93.3bn yen (869m), or about five per cent of its debt, close almost half its stores and fire about one third of its employees. The government's Deposit Insurance Corp, which will buy some of the Sogo loans, asked it to consider developing a longer-range plan that would allow it to repay more debt, said Hiroshi Saito, a spokesman for the agency. The request suggests creditors may reject the plan by Sogo, which is still operating under court supervision.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 16 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
- Steps to piloting living wage in garment factories
- US apparel retailers' November 2016 sales roundup
- Planning is key to an effective inventory strategy
- Traditional financing is a misfit for fast fashion
- Why do modern robotics elude sportswear makers?
- Esquel efficiency drive continues to boost brands
- US Q3 in brief – Genesco, G-III Apparel, Express
- Columbia waterproof jacket first made without PFCs
- North Face parka features synthetic spider silk
- Myanmar garment industry "lacking labour rights"
- Outdoor performance apparel 2016: A broader perspective
- Footwear Top 5 Emerging Markets Industry Guide_2016
- Global market review of lingerie – forecasts to 2022
- Global apparel markets: product developments and innovations, October 2016
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack