Failed department store operator Sogo Co. made a fresh start Wednesday under the auspices of Seibu Department Stores Ltd. with the launch of a new company to oversee Sogo's 13 remaining outlets.
The new company, Sogo Inc., has its headquarters in Yokohama. It is capitalized at 10 million yen and is owned 95 percent by a Seibu Department Stores subsidiary and 5 percent by the Industrial Bank of Japan.
Ten of the 14 board members of the new firm, including President Shigeaki Wada and Vice President Hiroshi Kometani, are from Seibu Department Stores.
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