Sogo closes S'pore operations

Sogo closes S'pore operations

SINGAPORE (AFP): The Singapore operations of failed Japanese
retail giant Sogo Co. Ltd. have been placed under judicial
management as it moves closer toward liquidation, news reports
said Saturday.

Singapore's High Court on Friday confirmed the appointment of
judicial managers for Sogo Department Stores which runs the
trendy Raffles City outlet and SIDC, an investment holding
company of the Sogo Group, the Straits Times and the Business
Times said.

A third Sogo unit, Tararone Investments which operates the
Sogo Food Hall, was expected to be placed under judicial
management in the next two weeks.

Sogo Department Stores owes creditors about S$115 million
(US$66.8 million).

Parent firm Sogo Co. Ltd. of Japan collapsed under the weight
of heavy debt due to an expansion binge and sought court
protection on July 12.