On The First 10 Home Appliance Chain Stores Will Close Five Subsidiaries

Japan's 10th largest

Japan's 10th largest

Home Appliances

Chain LAOX company on Oct. 30 announced that its subsidiary, LAOXHINATA (LAOX Day to) Nagano Prefecture in 5 stores no longer as overburdened with debt restructuring conditions, it will be all closed out of business in early December.

LAOXHINATA predecessor in Japan, old electrical appliances manufacturers Hinada (start in June 1916) opened in 1945, the retail shop. November 1988 Hinada home appliance chain Electric Company and a joint venture company LAOX Nagano Prefecture region was the first home appliance chain LAOXHINATA. Inception, Hinada Electric holds 60% stake in the joint venture now holds the joint venture LAOX 87.7% controlling stake. LAOXHINATA industry as a pioneer in home appliance chain, Nagano Prefecture, Nagano region once monopolistic market; performance of the most glorious period in the Nagano Prefecture to Osaka city within the region, Ueda City, Nagano City, Sato City, in Nagano, Matsumoto City, etc. have 13 chain. However, as the Yamada Electric, Wing and electric home appliance chain giants have to enter the increasingly intensified competition in Nagano, could lead to operating results continue to deteriorate. Had to have closed its stores. In fiscal 2008, LAOXHINATA revenues of only around 3.6 billion yen, due to store size and price competitiveness does not have the advantage, for 7 years in a constant state of loss of business frustrations.

Present LAOX, the store is preparing the transfer of personnel placement, debt repayment and other related matters. It is reported that as part of the aftermath. The imminent closure of the LAOXHINATA (LAOX Day to) the field stores, Sakudaira stores, the Nagano North shop, Nagano East Wada shop, to Osaka shop five stores, official staff, 53 temporary employees 15 people, is expected no later than next January early All lifting employment contract. However, the company's external spokesman said: "is seeking to accept the existing staff with other companies or different industry sector company." At the same time, he further said: "The scheme in December to finalize the transfer of objects and transfer amount. However, the existing transfer of the employment relationship of staff will be on a priority position as to determine the amount of transfer targets and the specific transfer of the decisive factors. "

Headquartered in Tokyo, Japan, LAOX company is Japan's 10th largest home appliance chain, LAOX Department of Latin "Lar (family patron saint)" and "Vox (voice)" a combination of words that sound the meaning of family well-being. 2008 fiscal year (April 1, 2007 ~ March 31, 2008) revenue of 58.981 billion yen, down 26.9% over the same period; net profit of 5.992 billion yen deficit, compared to same period last year, 700 million yen deficit. 1 quarter of fiscal 2009 (April 1, 2008 ~ June 30) revenue of 12.176 billion yen, down 19.63% over the same period; net loss of 2.361 billion yen, compared with same period last year by 1.192 billion yen loss.

As business continuity loss, combined with the global financial crisis, LAOX company as early as 8, announced the closure of the end of the Miyagi Prefecture as the base of the old home appliance chain, a subsidiary of Zi motor (established in 1960) all stores. 2000 LAOX acquisition of the company spent 1.837 billion yen Chuang Chuang, founder of the body of motor, and other shareholders held 52% stake in a subsidiary of the latter (M). The same price as store does not have the market size and competitive advantages, is difficult to fight Yamada Electric (YamadaDenki), Kato appliance machine (K'sDenki), Yodobashi Camera (YodobashiCamera), Wing Electric (EdionGroup) appliance chain giants such as rapid offensive deteriorating operating conditions.

Foot of rock, according to LAOX chairman said the company is also currently promoting the Zhuangzi motor, LAXOHINATA owned subsidiary of the two home appliance chain transfer and cross-industry business purchase other companies with business negotiations, does not preclude the possible sale of the company as a whole. However, according to people familiar LAOX Motor Company and Yamada, Kato appliances machine (K's motor) the same industry, other companies are not smooth transfer of the progress of the negotiations.

by:Frbiz

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