Convenience store chain FamilyMart Co. and Ryohin Keikaku Co., which runs stores selling Mujirushi Ryohin brand goods, said Thursday they will take an equity stake in each other, reviving cross-shareholding ties they had until three years ago.
Ryohin Keikaku will purchase a 0.57 percent stake in FamilyMart for 2 billion yen, with FamilyMart taking a 2 percent stake in Ryohin Keikaku for 5 billion yen, in a bid to enhance their relations, the two companies said. Ryohin Keikaku is currently a supplier of confectionery and daily household goods to FamilyMart.
FamilyMart is reviving its capital ties with Ryohin Keikaku at a time when convenience store sales overall are suffering slumping performance, posting a sixth straight yearly fall through 2005 on a same-store basis.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.