Beijing Store SurvivesThe restructuring of Japan's debt-plagued Sogo Group will not affect Beijing Junefield Sogo Department Store (BJSDS), Guo Xinchen, spokesman for Junefield Group, said.Guo told a press conference on Monday that the store was in sound condition and would carry on its prosperous business. "The store is a successful model of the co-operation between Sogo and Junefield," said Tanigaki Okiharu, Japanese manager of the store. The 170-year-old Sogo, which has debts of about US$16.2 billion, is seeking buyers or closing its domestic department stores and retreating from its overseas operation. But the Beijing Sogo, along with those in Hong Kong and Kuala Lumpur, are excluded from the restructuring plan. According to Junefield's co-operation contract with Sogo, BJSDS runs the store with Junefield's own investment and Sogo provides it with the trademark and management personnel. Since 1998 when this 80,000 square-metre store started business in Junefield Plaza in downtown Beijing, it has become recognized as one of the top 10 most popular department stores. Liu Wei, deputy general manager of BJSDS, said, "It will further its co-operation with Junefield." "Sogo is quite satisfied with BJSDS and will discuss with Junefield further co-operation in Beijing and other areas of China," said Guo. |
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