Daiei Inc. President Kunio Takagi announced Friday he will step down next week to take responsibility for the ailing retailer's decision to ask a state-backed bailout agency to help in its rehabilitation.
"I apologize for causing great confusion" for many involved with the firm, he told a news conference in Tokyo, during which the firm's first-half earnings results were announced.
Takagi, who will resign Friday, said his successor will be picked from existing board members.