Ex-Seibu, Sogo Chief Shigeaki Wada Dies at 88
Newsfrom JapanEconomy Society
Tokyo, Aug. 4 (Jiji Press)--Shigeaki Wada, known as a go-to person for turning around struggling department stores in Japan after rebuilding Seibu and Sogo chains, died on July 25. He was 88.
Wada was promoted to managing director at Seibu at the age of 40. But he later moved to a unit after butting heads with then Seibu owner Seiji Tsutsumi.
In 1992, Wada returned to Seibu after the company fell into financial difficulties following the burst of Japan's bubble economy, leading turnaround efforts as president and chairman.
At Sogo, Wada was named special adviser and later became president after the company went bankrupt in 2000. He promoted reforms, taking the company out of bankruptcy after only about two years of restructuring.
Wada returned to Seibu in 2003 again, and led its merger with Sogo. He then became chairman of their holding company, Millennium Retailing. In December 2005, he decided to have the company acquired by Seven & i Holdings Co. <3382>.
[Copyright The Jiji Press, Ltd.]