Major Japanese supermarket chain operator Jusco Co. said Tuesday that it will dissolve its Netherlands-based subsidiary as it is no longer needed as a fundraising channel.
Set up in 1988, Jusco (Europe) B.V. took charge of raising funds for Jusco's acquisition of U.S. specialty stores of women's clothing, among other activities, Jusco said.
Undisclosed reserves have already been set aside to cover the estimated loss from the liquidation of the wholly owned subsidiary, so the measure will not affect earnings for the current business year that ends this month, the company said.