JAPAN: Shoe Retailer Marutomi Seeks Help To Ease Debts
Nagoka based shoe retailer Marutomi Group Co is seeking support from both trading house Mitsubishi Corp and investment firm Oaktree Capital Management LLC. Mitsubishi says it is considering the request 'positively'. An agressive expansion of Marutomi's shoe retail network - over 1,800 shops at peak - led to 76.1b yen worth of debts building up. The company filed for court protection from creditors in December last year. Since then, it has been engaged in efforts to recover, including selling or closing operations outside its core shoe business.
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