• Kyodo News

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Home electrical appliance retailer Bic Camera Inc. said Friday its founder, Ryuji Arai, 62, stepped down as chairman to take responsibility for false earnings results that contained inflated profit figures.

The company also corrected its past earnings figures, now saying in its latest report that it posted a group net loss of ¥1.66 billion for the year to last Aug. 31, instead of ¥4.1 billion in profit as initially reported.

Bic Camera said it will reduce by 30 percent the monthly salaries of President Hiroyuki Miyajima and Managing Director Masaaki Kanazawa for a three-month period and implement preventive measures to strengthen internal control.

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