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Translated by: MOS Buddhism Team – Ronald Yan

On June 27th, Chengdu Isetan Company, a Communist China based associate of mainboard listed Isetan, announced the closure of 2 stores by the end of this year in a bourse filing.

Isetan is a leading Japanese retail department store based in Tokyo and has branches throughout Japan, Southeast Asia, Taiwan, and China. The company currently owns 2 branch stores in Chengdu and the earlier one has been operating for 15 years. It is learnt in the released documents that reasons for the closure of Chengdu Isetan include the stringent lockdown measures in the pandemic, inability to renew the lease of the main store and the fierce competition in Communist China.

After the stores cease operations, Chengdu Isetan will commence proceedings on its dissolution and voluntary liquidation starting in 2023. The company also said the exact financial impact of this event remained unknown at this point of time.

Source:
https://gnews.org/post/pf5z834e

Proofread/Edited by: Angelina Lee
Chief Editor: Laura L.
Posted by: Moli C.