Department store chain Isetan Co. said Tuesday it will provide financial and operational support to struggling Iwataya Department Store Co. to help the Fukuoka-based retailer rehabilitate under its wing.
Isetan President Shinichi Muto said Isetan will purchase 750 million yen in new Iwataya shares -- a stake of more than 10 percent -- and become in the process its largest shareholder.
Tokyo-based Isetan will also dispatch a new president and another executive in May and will offer expertise in the fields of marketing, merchandise development, visual presentation and operational systems, Muto said.
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