Mycal Kyushu, a unit of failed retailer Mycal Corp., plans to form a group of firms led by midsize supermarket chain Izumi Co. to sponsor an rehabilitation plan, company officials said Thursday.
The Fukuoka-based Mycal Kyushu, which opposes a rehabilitation plan put forward by Aeon Co., a key sponsor of the parent firm's revival efforts, will ask some major retailers and local business partners to join the group, the officials said.
Aeon's rehabilitation plan would involve job cuts, according to Mycal Kyushu, which said it is confident it can rebuild itself by forming a group of supporters based around the Hiroshima-based Izumi.
Mycal Kyushu President Zenjiro Hirose said his company and Izumi have ensured the continued employment of Mycal Kyushu employees and that it will continue doing business with its local partners.