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.