OSAKA (Kyodo) Struggling supermarket chain Daiei Inc. obtained approval to reappoint board members and change its corporate charter at its annual general shareholders’ meeting Thursday.
It’s been a year since Chairman Fumiko Hayashi, former president of BMW Tokyo Corp., and President Yasuyuki Higuchi, former president of Hewlett-Packard Japan Ltd., took their posts with Daiei’s other board members.
Since then, the firm has pushed for rehabilitation under the new team, adopting a new logo, reviewing businesses and cutting off or shutting unprofitable businesses and outlets.
In April, Daiei reported that its group business had turned profitable during the year through February, earning a consolidated net profit of 413.16 billion yen against a loss of 511.20 billion yen the previous year. Group pretax profit more than tripled to 24.27 billion yen.
But on an unconsolidated basis, the chain suffered a pretax loss of 2.96 billion yen on a 10.1 percent drop in sales.