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Daiei starts year-end sale to rebuild management.

TOKYO, Nov. 21 Kyodo

Struggling supermarket chain operator Daiei Inc. started its crucial year-end sale at its 271 stores nationwide on Thursday.

Daiei, which will receive financial support from its three major creditor banks and the government-backed Development Bank of Japan (DBJ), aims to boost sales during the year's biggest sales event.

At its Tsudanuma outlet in Narashino, Chiba Prefecture, Daiei invited baseball team Daiei Hawks' manager Sadaharu Oh and held an event to pray for victory for the baseball team and the department store.

Daiei said it aims to increase its December sales on a same store basis by 2% from a year earlier, while it also seeks to raise sales by 2% in the September-February second half of fiscal 2002.

In October, Daiei's three major creditor banks and the DBJ announced a plan to establish a 60 billion yen fund to support the rehabilitation efforts of the financially troubled company.

The DBJ will invest 10 billion yen in the fund and the three creditor banks -- UFJ Bank, Sumitomo Mitsui Banking Corp. and Mizuho Corporate Bank -- will contribute the remaining 50 billion, they said.

The huge sales event will end on Dec. 25.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Nov 25, 2002
Words:194
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