JAPAN: Struggling Footwear Firm In Investment Talks
Footwear retailer Marutomi Group is in talks with several investment firms company sources told the Kyodo News yesterday. The retailer, which applied for court protection in December needs a substantial cash injection to survive. It is rumoured that it would consider a takeover too. The Nagoya-based shoe retailer was scheduled to submit a rehabilitation plan to the Nagoya District Court by Monday, as required under the Civil Rehabilitation Law. But given the ongoing talks, the deadline has been extended one month, the sources said.
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