Major supermarket chain operator Jusco Co. announced Wednesday that it will absorb two subsidiaries in August to consolidate operations of the Jusco group.
The move will increase Jusco’s unconsolidated annual sales by 200 billion yen to 1.51 trillion yen. The two firms are Shinshu Jusco Co., which is based in Matsumoto, Nagano Prefecture, and has 71 stores, and Ogiya Jusco Co., based in Chiba with 22 stores.
The consolidation will take place Aug. 21 after gaining formal approval from shareholders in May. For every Shinshu Jusco share, 0.267 Jusco Co. shares will be allocated, and for every Ogiya share, 0.251 Jusco Co. shares, Jusco Co. chairman Takuya Okada said at a Tokyo press conference.
Surviving company Jusco Co. will have a total of 352 stores as of next February with about 18,000 workers, Jusco officials said.