List of department stores
Daiei based in Kobe, is Japan's largest supermarket chain. In 1957 Isao Nakauchi founded in Osaka. Daiei is now under a restructuring process supported by a quasi-governmental bailout organization, the Industrial Revitalization Corporation of Japan ("IRCJ")
Daiei's current CEO is Fumiko Hayashi, former CEO of BMW Tokyo, and COO is Yasuyuki Higuchi, former CEO of Hewlett-Packard Japan, Ltd. and a graduate of Harvard MBA program.
Daiei Inc. currently runs more than 3,000 stores under the Daiei name as well as through its subsidiaries
In addition to groceries, Daiei is also a department store, selling electronics, home furnishings, and clothes. In terms of net sales, Daiei used be the largest retailer in Japan. However, total sales declined by nearly a quarter in the five years leading up to 2003, which can be attributed to Japan's recession.
The retail chain expanded rapidly in the 1970s and 1980s, which was one of the causes of debt-ridden situation, with some critics noting that the expansion occurred in a rather haphazard manner. Also, stronger sales from competitors such as Ito-Yokado, Aeon, and other regional supermarket chains have hurt Daiei's sales record in recent years.
As a part of the series of bootstrap restructuring efforts to avoid filing for the IRCJ support, the company sold its famous and popular baseball team Fukuoka Daiei Hawks on January 27, 2005. Unfortunately, its effort failed and filed for the IRCJ support.
Through the process of debt restructuring and support given by financial institutions in coordination with IRCJ, the company has been acquired by IRCJ, Marubeni Corporation (trading company), and Advantage Partners(private equity house) in 2005. The acquisition process conducted by the IRCJ and participated by numbers of investment funds and major retailers was described as "the biggest bidding process in Japanese economic history".
There are also 4 Daiei retail stores on the Island of Oahu in Hawaii. But on December 8, 2005, Daiei and Don Quijote Inc., one of the fastest-growing discounters in Japan, reached an agreement to sell all Daiei properties in Hawaii to Don Quijote by February 8, 2006. By means of this deal, Daiei will withdraw from all of their overseas markets and concentrate on their domestic market
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