Don Quijote Parent to Acquire Toys "R" Us-Japan Operations

Tokyo, Oct. 1 (Jiji Press)--Japan's Pan Pacific International Holdings Corp., the parent of discount store operator Don Quijote Co., said Thursday that it has signed a business transfer agreement with Toys "R" Us-Japan Ltd., a major toy retailer.

Toys "R" Us-Japan, based in Kawasaki, Kanagawa Prefecture, south of Tokyo, filed for court-led rehabilitation under the civil rehabilitation law with Tokyo District Court the same day.

PPIH plans to take over operations at all stores operated by Toys "R" Us-Japan by the end of this month, following court approval.

According to Teikoku Databank Ltd., Toys "R" Us-Japan has liabilities totaling about 13.2 billion yen.

The Toys "R" Us brand and major liabilities will be transferred to PPIH, with the company planning to continue operations with a goal of regaining profitability mainly by strengthening sales.

[Copyright The Jiji Press, Ltd.]