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  • fuckedgaijin ‹ General ‹ F*cked News

LAOX Scales Right Back

Odd news from Japan and all things Japanese around the world.
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LAOX Scales Right Back

Postby Mulboyne » Wed Feb 18, 2009 2:56 pm

[floatr]Image[/floatr]Trading Markets: Veteran Japanese Electronics Chain Laox to Shed All But 2 Stores
Electronics and appliance retailer Laox, a long-time denizen of Tokyo's Akihabara district, plans to drastically scale back its business by selling or shuttering all but two stores. Laox will spin off 15 outlets in the Tokyo metropolitan area into a new company in April, keeping its main shop and one other. Nojima Corp, another electronics retailer, will acquire that company and take on all store employees. The purchase price is likely to come to hundreds of millions of yen. Laox will close its remaining 12 suburban locations by the end of September and focus on a narrower range of products, mainly musical instruments. At its peak, Laox operated more than 100 stores and brought in sales of more than 210 billion yen. But fierce competition with big volume retailers has left it bruised and forecasting its eighth consecutive full-year net loss for fiscal 2008.
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Postby IkemenTommy » Wed Feb 18, 2009 3:12 pm

Mulboyne wrote:But fierce competition with big volume retailers has left it bruised and forecasting its eighth consecutive full-year net loss for fiscal 2008.

It's surprising that they waited for that long to make any adjustments. I guess the executives were still dreaming about the bubble days.
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Postby Sentakki Fried Chicken » Wed Feb 18, 2009 3:38 pm

Laox was/is always too pricey anyway. I agree this is a helluva long time coming.
:D
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Postby baka tono » Wed Feb 18, 2009 4:17 pm

I dont remember the last time I bought anything electronic at an electronics store. I usually order from amazon.jp, and use Bic for all my alcohol buying. Oh wait I lied I did buy a paper shredder from Bic a while ago.
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Postby sublight » Thu Feb 19, 2009 9:31 am

Is Asobit City going to stay open? That was always a good place to buy US import games.
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Postby Mulboyne » Thu Jun 25, 2009 12:02 pm

WSJ: Suning to Buy 27% Stake in Japanese Retailer Laox
In a rare overseas expansion move by a Chinese retailer, consumer electronics company Suning Appliance Co. said Wednesday it will buy 27.36% of its struggling Japanese rival Laox Co. for 800 million yen (US$8.4 million), making it the biggest shareholder. Suning, which is based in eastern China's Nanjings, said in a statement to the Shenzhen Stock Exchange that it will pay 12 yen a share for the Laox stake, confirming details a Suning spokesman provided Dow Jones Newswires earlier Wednesday. Suning said that while it has reached "basic consensus" on the deal with Laox, the two companies have yet to sign a formal agreement. Explaining the rationale for the deal, Suning said that it's part of the company's long-term growth strategy and that it will gain experience in the international consumer electronics market through exposure to Japan. "The deal can help Suning learn management skills from Laox and benefit from the latter's global supply chain, which will in turn help Suning compete better in China. But it isn't expected to boost Suning's share price in the near term because of Laox's poor financial performance," said an analyst at a Shanghai-based domestic mutual fund.

Laox's sales shrank to 40.6 billion yen in fiscal 2008 from 214 billion yen in fiscal 2000 due to tough competition from rivals such as Yamada Denki Co. After posting a ninth consecutive year of net losses last fiscal year, Laox has embarked on a business restructuring with a goal of reducing its store network from 67 nationwide last spring to just nine. Suning said it will use cash to pay for the Laox stake and will finance the investment through internal funding. Suning said the investment in Laox accounts for less than 1% of its total net assets and will have a "relatively small" financial impact on the company. Suning's investment in Laox marks the first time a major Japanese retailer will become a unit of a Chinese firm, opening a new chapter in the short history of overseas expansion by Chinese businesses.
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