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 DBJ Development Bank of Japan
DBJ Dallas Business Journal ), aims to boost sales during the year's biggest sales event Noun 1. sales event - an occasion (usually brief) for buying at specially reduced prices; "they held a sale to reduce their inventory"; "I got some great bargains at their annual sale"
cut-rate sale, sale .
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 UFJ United Financial of Japan (bank)
UFJ Upper Flex Joint 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.