Supermarket operator Nagasakiya goes bankrupt

TOKYO, Japan - Tokuichi Kitajima (second from L), Nagasakiya Co. chairman and president, and other top company executives announce on Feb. 13 at a press conference that the Tokyo-based supermarket chain operator effectively went bankrupt that day. Kitajima told reporters the company filed with the Tokyo District Court for court protection from creditors under the Company Rehabilitation Law. He said sluggish consumer demand brought on by the recession left the company with no prospect of improving its performance.