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 17 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
Help test our new apparel sourcing tool.
- Rana Plaza four years on – Timeline of change
- Why collaboration is key to fashion supply chains
- Trump and Brexit get a dose of pragmatism
- Industry groups reaffirm commitment to Bangladesh
- Using worker surveys to drive supply chain change
- Adidas to digitalise Speedfactory concept
- Nike filed patent for "reinforced denim"
- M&S extends sourcing deal with Lindsey brothers
- Gap unveils five-year sustainable fibres pledge
- Adidas and Reebok top transparency index
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Outdoor performance apparel 2016: A broader perspective