The state-backed Industrial Revitalization Corp. of Japan said Tuesday it will stop preparatory procedures to help rebuild Daiei Inc. after the retailer's president formally rejected calls by the IRCJ and major creditor banks for Daiei to seek the entity's help, IRCJ sources said.
The IRCJ will remove an asset-assessment team from Daiei on Wednesday and refuse any aid applications from the retailer if it decides to seek help in the future, the sources said.
With the IRCJ's statement, the focus has shifted to what action will be taken by Daiei's major creditor banks.