Failed supermarket operator Mycal Corp. plans to invest 11 billion yen in renovating almost all of its outlets beginning this year, according to the firm's acting business administrator.
Mycal believes the renovations are needed to increase sales and profits, Keiichi Enomoto told reporters after a ceremony to mark the first anniversary of the firm's failure.
Mycal has refrained from new investments because its first priority has been to pay off its debts.
The firm will start maintenance work after obtaining approval from the Tokyo District Court, to which it filed for protection from creditors, said Enomoto, an official of Aeon Co.
Aeon is a major retailer that is helping Mycal's rehabilitation.
As a first step, Mycal is considering investing 1.8 billion yen beginning in October in seven outlets, he said.
As of Sept. 1, Mycal had 121 outlets nationwide. The stores held ceremonies Saturday morning to renew their pledge to rebuild the firm.
About 300 employees took part in a ceremony at Mycal Ibaraki in Ibaraki, Osaka Prefecture.
"We should never forget the day when (Mycal) went bust and we'll get off to a fresh start to complete our rehabilitation plan," Enomoto told the ceremony, which began at 9 a.m., an hour before the store opened.
About 250 employees attended another ceremony at Mycal Itabashi Saty, in Itabashi Ward, Tokyo.