Sushiro, Genki Sushi Cut Off Merger Talks
Tokyo, June 18 (Jiji Press)--Sushiro Global Holdings Ltd. <3563> and Genki Sushi Co. <9828>, two of Japan's biggest conveyor-belt sushi restaurant chains, said Tuesday that they have broken off merger talks.
The decision was made as the two companies realized differences in their strategies on store operations in Japan and overseas expansion, they said.
The firms said they "concluded it's better for Sushiro and Genki Sushi to advance their own strategies as independent companies."
Sushiro, the largest conveyor-belt sushi restaurant chain in Japan, and Genki Sushi, the fifth-largest, also dissolved their three-way capital and business alliance involving Genki Sushi parent Shinmei Holdings Co., a rice wholesaler.
Shinmei will sell 22.75 percentage points of its 32.72 pct stake in Sushiro and will consider selling more.
[Copyright The Jiji Press, Ltd.]