Restructuring the resort business, ending operations at Tsumagoi and concentrating management resources on 2 facilities
First written in FY2017-Q2. 1 of 3 entries say "Advanced", first in FY2017-Q3. Latest entry: FY2018.
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- FY2018AchievedAnnual report
「Extraordinary losses decreased by ¥5,654 million from ¥6,366 million in the same period of the previous fiscal year, when restructuring expenses for the resort business and temporary amortization of goodwill related to the U.S. subsidiary Revolabs, Inc. and its subsidiaries were recorded, to ¥712 million.」
Restructuring expenses associated with the resort business restructuring carried out in the previous fiscal year were not recorded in the current fiscal year, reflecting the completed restructuring in which Tsumagoi was closed and resources were concentrated at 2 facilities. - FY2017-Q3AdvancedAnnual report
「The Company decided to restructure its resort business and, regarding Tsumagoi, operated by a Group subsidiary, entered into a basic agreement with Hotel Management International Co., Ltd. (HMI) on 27 December 2016 concerning the transfer of the real estate and the Tsumagoi trademark. Operations by the Group are scheduled to end on 31 March 2017, on which date the assets are scheduled to be transferred to HMI.」
Regarding the restructuring of Tsumagoi, a basic agreement with HMI concerning the transfer of the real estate and trademark was signed on 27 December 2016, and the scheduled end of operations and asset transfer on 31 March 2017 was disclosed. - FY2017-Q2First statedAnnual report
「Amid major changes in the operating environment for the resort business, the Company decided to restructure the business. Of the 3 facilities currently operated by the Group, Tsumagoi, Katsuragi Kitanomaru, and Katsuragi Golf Club, general operations at Tsumagoi ended on 25 December 2016, and management resources were concentrated at the 2 facilities, Katsuragi Kitanomaru and Katsuragi Golf Club. In connection with this, restructuring expenses of ¥4,867 million were recorded in the second quarter of the current consolidated fiscal year.」
The restructuring policy for the resort business was first documented in a thread. General operations at Tsumagoi ended on 25 December 2016, with a plan to concentrate management resources at the remaining 2 facilities. Restructuring expenses of ¥4,867 million, including an impairment loss of ¥2,000 million, were recorded.