Categories: Entrepreneur

Yamakataya Implements “Business Revitalization ADR” to Sustain Operations and Restore Management | NHK Miyazaki Prefecture News

Reading Time: < 1 minute

Yamagataya, a historic department store in Kagoshima City, is facing financial difficulties due to the impact of the new coronavirus. The company, founded in 1751, has been in the red for six consecutive years, with a total debt of 36 billion yen. To address this, Yamagataya is undergoing a private liquidation process called “Recovery ADR” with the support of its financial institutions.

The company’s restructuring plan includes turning some group companies into holdings and eliminating remuneration for top executives. Despite these changes, Yamagataya assures that there will be no impact on employment.

Governor Kono expressed his hope for the store’s continued operation, emphasizing its importance in the central city area. Customers of Miyazaki Yamakataya also voiced their concerns and support for the store, citing its unique offerings and sentimental value.

The “Business Rehabilitation ADR” process involves coordination between the company, creditors, and third-party professionals to achieve business revitalization. This approach allows for continued business operations and transparency in the restructuring process.

Yamagataya and its supporting financial institutions will review the proposed revitalization plan at a meeting later this month. The company remains committed to rebuilding its business while maintaining its presence in the community.

Team@GQN.

Share
Published by
Team@GQN.

Recent Posts

Salesforce Developer

Job title: Salesforce Developer Company: Han Staffing Job description: salesforce apex visual Job Description:Our client…

2 years ago

JAVA DEVELOPER

Job title: JAVA DEVELOPER Company: Han Staffing Job description: End Client: WELLSFARGO Title: Java Developer…

2 years ago

Jr. Full Stack Developer

Job title: Jr. Full Stack Developer Company: Leidos Job description: DescriptionJob Description:The Leidos Decision Advantage…

2 years ago

Jr. Full Stack Developer

Job title: Jr. Full Stack Developer Company: Leidos Job description: DescriptionJob Description:The Leidos Decision Advantage…

2 years ago

Principal Software Developer

Job title: Principal Software Developer Company: Oracle Job description: Job Description:As a member of the…

2 years ago

Sr Alfresco Developer- Lead

Job title: Sr Alfresco Developer- Lead Company: InterSources Job description: Job Title: Sr Alfresco Developer-…

2 years ago