OSAKA -- Troubled retailer Mycal Corp. on Friday formally named Osamu Shikata, former chief of the Osaka Prefectural Police Headquarters, as its new president, replacing Kotaro Utsunomiya, who is to become an adviser.
The appointment was endorsed at a board meeting following an extraordinary shareholders' meeting earlier in the day, at which Shikata was appointed as one of two new directors and six directors were renamed.
The Osaka-based retailer, saddled with 1.16 trillion yen in interest-bearing debts, is pushing ahead with a three-year restructuring plan. to restore financial health before February 2004.
The plan involves the closure of unprofitable stores and an early retirement program.