Daiei group to eliminate 85 companies+.TOKYO, Nov. 29 Kyodo Financially troubled retailing mammoth mammoth, name for several large prehistoric elephants of the extinct genus Mammuthus, which ranged over Eurasia and North America in the Pleistocene epoch. Daiei Inc. plans to eliminate a total of 85 companies from its group by Feb. 28, 2003, by either disbanding them, selling them or merging them with other companies inside the group, Daiei officials said Wednesday Wednesday: see week. . With the aim of streamlining its bloated bloat·ed adj. 1. Much bigger than desired: a bloated bureaucracy; a bloated budget. 2. Medicine Swollen or distended beyond normal size by fluid or gaseous material. group structure, the downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing will reduce the number of Daiei group companies from 197 to 112, a significantly deeper cut than the initially planned reduction to 150 companies, they said. Daiei will either wind up or liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the 27 companies, while selling or integrating another 56, the officials said. It said former company Chairman Isao Nakauchi, currently Daiei's top adviser, and three other top managers will not receive any wages for three months starting in December to take responsibility for the firm's poor management. The other three are former company President Tadasu Toba, now a board member, company Director Kazuo Kawa and Hiroshige Sasaki, who is now serving as acting president. Last Friday, Daiei announced plants to shut down 32 money-losing retail outlets retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → and eliminate 4,000 jobs through the planned closures of those outlets and many of its group companies. Daiei will write down a 53.4 billion yen extraordinary loss as a result of closing the outlets, while special losses stemming from a series of closures, including the 32, will total 310 billion yen, the officials said. |
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