Aeon to integrate 3 supermarket operations

Aeon to integrate 3 supermarket operations

TOKYO, Japan - This undated combination photo shows signs of three supermarket chains in Japan operated by the Aeon group. Aeon Retail Co., operator of Jusco brand stores, reportedly plans to absorb Mycal Corp., the operator of Saty brand stores, and Aeon Marche Co., which took over the Japanese retail outlets of French supermarket operator Carrefour SA, by February 2011.

Mycal launches clearance sales at Saty, Vivre stores

Mycal launches clearance sales at Saty, Vivre stores

OSAKA, Japan - Shoppers rush to make purchases at an outlet of Saty, run by failed supermarket chain Mycal Corp., in Higashi-Osaka, Osaka Prefecture, on Jan. 9 as Mycal started a clearance sale of some 10 billion yen worth of stock at discounts of up to 80% at 104 Saty outlets and Vivre apparel stores nationwide.

Retailer Aeon to become sponsor for failed Mycal

Retailer Aeon to become sponsor for failed Mycal

TOKYO, Japan - Motoya Okada (L), president of Aeon Co., announces at a press conference in Tokyo on Nov. 22 that his company will sponsor failed supermarket chain Mycal Corp. to help rehabilitate it. Mycal President Kazuo Urano (R) was also present at the conference.

Mycal chief quits, Urano becomes new president

Mycal chief quits, Urano becomes new president

TOKYO, Japan - Kazuo Urano (R), the new president of Mycal Corp., the bankrupt supermarket chain, accompanied by his predecessor Kozo Yamashita, speaks at a press conference in Tokyo on Sept. 28. Yamashita, who resigned the same day, took over the company's presidency from Osamu Shikata on Sept. 14 when Mycal filed for court protection from creditors with 1,742.8 billion yen in debts.

Mizuho executive announces downward revision of earnings+

Mizuho executive announces downward revision of earnings+

TOKYO, Japan - Mitsuru Machida, managing executive officer of Mizuho Holdings Inc., speaks at a news conference at the Bank of Japan's head office Sept. 15, announcing that Mizuho will revise downward its earnings projection due to the failure of debt-saddled supermarket chain operator Mycal Corp.

Mycal files for court protection from creditors

Mycal files for court protection from creditors

TOKYO, Japan - Kozo Yamashita, president of Mycal Corp., speaks at a news conference in Osaka on Sept. 14 after Japan's fourth-largest supermarket chain operator filed for court protection from creditors under legislation for fast-track corporate rehabilitation, making it one of the biggest corporate failures in Japan.

Nikkei recovers 10,000-mark

Nikkei recovers 10,000-mark

TOKYO, Japan - The price board at a brokerage house in Tokyo's Nihombashi shows the benchmark Nikkei Stock Average closed above 10,000 on Sept. 14 for the first time in three days. The index jumped 395.80 points on news that Dai-Ichi Kangyo Bank will stop providing financial assistance to ailing supermarket chain Mycal Corp. The news immediately sent stock prices to negative territory, but they later picked up as investors digested the report as a positive factor for banks.

Mycal's interest-bearing debts to come to 1.05 tril. yen

Mycal's interest-bearing debts to come to 1.05 tril. yen

OSAKA, Japan - Mycal Corp. President Osamu Shikata speaks at a press conference in Osaka's Chuo Ward on Aug. 30 about a plan to rehabilitate the ailing supermarket-chain operator. He said the company's interest-bearing debts will come to around 1.05 trillion yen on a consolidated basis as of the end of this month.

Mycal to cut 410 bil. yen debts, 2,700 jobs in 3 years

Mycal to cut 410 bil. yen debts, 2,700 jobs in 3 years

OSAKA, Japan - Osamu Shikata (R), president-elect of Mycal Corp., and Toshiyuki Sugawara, managing director, announced a three-year restructuring plan at a news conference in Osaka on Jan. 24. Under the plan, the financially troubled retailer will eliminate 410 billion yen in debt and 2,700 employees on a consolidated basis. Shikata, 70, former chief of the Osaka prefectural police, will succeed Kotaro Utsunomiya as president, effective March 1.

Ex-chief of Osaka police headquarters to head Mycal

Ex-chief of Osaka police headquarters to head Mycal

OSAKA, Japan - Osamu Shikata (R), who has been appointed to succeed Kotaro Utsunomiya (L) as president of retailer Mycal Corp., speaks at a news conference in Osaka on Jan. 11. The 70-year-old Shikata, former chief of the Osaka Prefectural Police Headquarters, is currently president of Japan Maintenance Co., a Mycal subsidiary specializing in the maintenance of buildings.

Retailer Aeon to become sponsor for failed Mycal

Retailer Aeon to become sponsor for failed Mycal

TOKYO, Japan - Motoya Okada (L), president of Aeon Co., announces at a press conference in Tokyo on Nov. 22 that his company will sponsor failed supermarket chain Mycal Corp. to help rehabilitate it. Mycal President Kazuo Urano (R) was also present at the conference.

Mycal launches clearance sales at Saty, Vivre stores

Mycal launches clearance sales at Saty, Vivre stores

OSAKA, Japan - Shoppers rush to make purchases at an outlet of Saty, run by failed supermarket chain Mycal Corp., in Higashi-Osaka, Osaka Prefecture, on Jan. 9 as Mycal started a clearance sale of some 10 billion yen worth of stock at discounts of up to 80% at 104 Saty outlets and Vivre apparel stores nationwide.

Mizuho executive announces downward revision of earnings+

Mizuho executive announces downward revision of earnings+

TOKYO, Japan - Mitsuru Machida, managing executive officer of Mizuho Holdings Inc., speaks at a news conference at the Bank of Japan's head office Sept. 15, announcing that Mizuho will revise downward its earnings projection due to the failure of debt-saddled supermarket chain operator Mycal Corp.

Nikkei recovers 10,000-mark

Nikkei recovers 10,000-mark

TOKYO, Japan - The price board at a brokerage house in Tokyo's Nihombashi shows the benchmark Nikkei Stock Average closed above 10,000 on Sept. 14 for the first time in three days. The index jumped 395.80 points on news that Dai-Ichi Kangyo Bank will stop providing financial assistance to ailing supermarket chain Mycal Corp. The news immediately sent stock prices to negative territory, but they later picked up as investors digested the report as a positive factor for banks.

Mycal's interest-bearing debts to come to 1.05 tril. yen

Mycal's interest-bearing debts to come to 1.05 tril. yen

OSAKA, Japan - Mycal Corp. President Osamu Shikata speaks at a press conference in Osaka's Chuo Ward on Aug. 30 about a plan to rehabilitate the ailing supermarket-chain operator. He said the company's interest-bearing debts will come to around 1.05 trillion yen on a consolidated basis as of the end of this month.

Aeon to integrate 3 supermarket operations

Aeon to integrate 3 supermarket operations

TOKYO, Japan - This undated combination photo shows signs of three supermarket chains in Japan operated by the Aeon group. Aeon Retail Co., operator of Jusco brand stores, reportedly plans to absorb Mycal Corp., the operator of Saty brand stores, and Aeon Marche Co., which took over the Japanese retail outlets of French supermarket operator Carrefour SA, by February 2011. (Kyodo)

Mycal chief quits, Urano becomes new president

Mycal chief quits, Urano becomes new president

TOKYO, Japan - Kazuo Urano (R), the new president of Mycal Corp., the bankrupt supermarket chain, accompanied by his predecessor Kozo Yamashita, speaks at a press conference in Tokyo on Sept. 28. Yamashita, who resigned the same day, took over the company's presidency from Osamu Shikata on Sept. 14 when Mycal filed for court protection from creditors with 1,742.8 billion yen in debts.

Mycal files for court protection from creditors

Mycal files for court protection from creditors

TOKYO, Japan - Kozo Yamashita, president of Mycal Corp., speaks at a news conference in Osaka on Sept. 14 after Japan's fourth-largest supermarket chain operator filed for court protection from creditors under legislation for fast-track corporate rehabilitation, making it one of the biggest corporate failures in Japan.

Mycal to cut 410 bil. yen debts, 2,700 jobs in 3 years

Mycal to cut 410 bil. yen debts, 2,700 jobs in 3 years

OSAKA, Japan - Osamu Shikata (R), president-elect of Mycal Corp., and Toshiyuki Sugawara, managing director, announced a three-year restructuring plan at a news conference in Osaka on Jan. 24. Under the plan, the financially troubled retailer will eliminate 410 billion yen in debt and 2,700 employees on a consolidated basis. Shikata, 70, former chief of the Osaka prefectural police, will succeed Kotaro Utsunomiya as president, effective March 1.

Ex-chief of Osaka police headquarters to head Mycal

Ex-chief of Osaka police headquarters to head Mycal

OSAKA, Japan - Osamu Shikata (R), who has been appointed to succeed Kotaro Utsunomiya (L) as president of retailer Mycal Corp., speaks at a news conference in Osaka on Jan. 11. The 70-year-old Shikata, former chief of the Osaka Prefectural Police Headquarters, is currently president of Japan Maintenance Co., a Mycal subsidiary specializing in the maintenance of buildings.