OSAKA -- Supermarket chain Heiwado Co. said Thursday it has applied to take over some outlets of the failed Mycal Corp.
Heiwado, based in Hikone, Shiga Prefecture, said it is willing to take over Mycal outlets in Osaka, Kyoto and Shiga prefectures, as well as those in the Hokuriku region on the Sea of Japan coast.
"We believe there are merits for us, so we applied to become a sponsor," a Heiwado spokesman said.
Supermarket operator Mycal, based in Osaka, filed for court protection from creditors last month in Japan's fourth-largest corporate failure in the postwar era. It is saddled with liabilities of 1.388 trillion yen on an unconsolidated basis.
Mycal today will select the first of what it calls sponsors for its rehabilitation plan as a step toward the conclusion of a sponsorship contract early next month.
Some 50 companies have shown interest in acquiring Mycal assets, including retailers Ito-Yokado Co. and Aeon Co., U.S. retail giant Wal-Mart Stores Inc., and U.S. investment funds.
Heiwado runs supermarkets mostly in Shiga Prefecture but is expanding to Kyoto, Osaka and Fukui prefectures.