SAN-A CO.,LTD., which operated a supermarket in a shopping plaza in Yamanobe Town, ceased operations on 31 August and is expected to begin debt restructuring. Liabilities are estimated at approximately ¥1.105 billion as of the end of May this year.
SAN-A CO.,LTD. ceased its supermarket operations in a shopping plaza in Yamanobe Town. Operations ceased on 31 August, and the company is expected to begin debt restructuring proceedings.
SAN-A CO.,LTD. was established in June 1988 and began operating a supermarket at a shopping center adjacent to Yamanobe Station in December 1989. It opened the Kahoku store in Kahoku Town in April 2000 and expanded its business by absorbing and merging with a liquor retailer in March 2003.
Sales were strong at approximately ¥2.99 billion in the fiscal year ended May 2005, but subsequently declined as competing stores opened and unprofitable liquor stores were closed. The company reported an approximately ¥40 million net loss for the fiscal year ended May the year before last.
Business performance deteriorated further, including the closure of the Kahoku store in July the year before last, and sales fell to approximately ¥630 million in the fiscal year ended May this year. Funding options reached their limit, leading to the cessation of operations. Liabilities are believed to have potentially reached approximately ¥1.105 billion as of the end of May this year.
According to information provided by the town, the company operated the supermarket section of Bell in Yamanobe Town, and the food section was temporarily closed on the 31st.