JAPAN: Debts Force Haruyama Chain To Downsize
Men's apparel store operator Haruyama Chain Co said today it is to downsize its business. The retailer, which is based in Sapporo in Northern Japan, has been hit by the slump in consumer spending. With outstanding debts of Y12.82 billion, including Y9.37 billion in loans extended from financial institutions, the company has embarked on a court-led restructuring programme. In its financial year to end March 2001, the company reported a pre-tax loss of Y258 million and a net loss of Y1.02 billion on sales of Y12.13 billion.
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