The Industrial Revitalization Corp. of Japan made it official Tuesday: It will support ailing retailer Daiei Inc. and Misawa Homes Holdings Inc. in what would be the biggest and probably the last case taken on by the bailout agency.
Daiei gave up any hope of reviving on its own in October after two huge bailouts from creditor banks over the past four years failed to produce results.
Kunio Takagi, who stepped down as Daiei president in October, resigned as chairman Tuesday. The rest of the top management, including President Toshio Hasumi, will leave at the end of March, the company said.