Hirotake Yano, who founded discount chainstore Daiso Industries, has died of heart failure at the age of 80.

Daiso released a statement on Monday confirming his death in Hiroshima on Feb. 12. His family have already held a private funeral, according to the statement, but there will be a gathering in the future to commemorate his life.

Born Koro Kurihara, he adopted his wife’s surname because “Yano sounds better than Kurihara in a business transaction,” he told Tokyo Weekender in 2001.