Tokyo, April 6 (Jiji Press)–Pan Pacific International Holdings Corp. said Monday the parent of leading Japanese discount store operator Don Quijote Co. will acquire midsize supermarket chain Olympic Group Corp. Olympic will become a wholly owned subsidiary of PPIH on July 1 after exchanging its shares with PPIH’s and will likely be delisted. PPIH plans to convert Olympic stores mainly to Don Quijote outlets to expand its retail network in the Tokyo metropolitan area. There would be only a limited chance of existing and converted Don Quijote stores vying for customers with each other, PPIH said. Olympic has been struggling with worsening profitability caused by soaring material costs. END [Copyright The Jiji Press, Ltd.]
Don Quijote’s Parent to Acquire Olympic
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