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Furniture Store Pledges to Rebuild Business

Date Posted: 2001-04-06

One of the larger furniture stores in Okinawa, Yonashiro Furniture Co., capitalized at of ¥48.8 million, presented its plan to reconstruct its business to Okinawa Branch of Naha District Court.

The president of the company accompanied by his lawyer testified that the company had debts totaling about ¥6 billion and that there are about 200 creditors.

The company plans to close its shop in Naha City this month and another shop and land in central Okinawa will be sold or leased out. The company’s flagship store Nakagusuku Mall will be the only shop left. They plan to continue to run the mall and concentrate on furniture sales.

The plan will result in the reduction of the company work force by 80 people. The president said that the reason for the company’s bankruptcy was the fierce competition in the retail business in Okinawa. He also admitted that the company had spread too thin. He concluded by stating that the word for this era is specialty, and accordingly, he plans to concentrate on furniture sales only. He said that he has the confidence to rebuild his company based solely on furniture sales from now on.

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