JAPAN: Marusho Folds Under Competition From Larger Stores
Yet another Japanese small operator has gone under citing stiff competition from the many larger, edge of town shopping malls as the root of the problem. Established in 1950, the well known Marusho department store in Wakayama, Wakayama Prefecture on Monday filed for voluntary termination of its operations, leaving liabilities totalling around 20.4bn yen ($176m).
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