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Dai-Ei Department Store chain cancels plans for new outlet in Ginowan

Date Posted: 2002-04-22

The financially troubled department store chain Dai-Ei announced Friday that they are canceling their plans to construct a new large store on a reclaimed land near Okinawa Convention Center in Ginowan City. With the cancellation of the Dai-Eiís project, the areaís future is hanging in the air, as a hotel development project for the area was scrapped two weeks ago. That projectís managing company was declared bankrupt and its owners face charges of running an illegal pyramid scheme.

Now the only development project for the area is the creation of a large tax-free store complex aimed at tourists. Dai-Ei Department Store chain that has been in trouble for some time announced recently that their February sales nation wide were down 14.2% from a year ago. The statement also said that the groupís net loss for the fiscal year that ended March 31, was •332.5 billion despite of an infusion of •520 billion from their largest creditor banks.

Ginowan City officials admit that the cancellation of Dai-Eiís plans will inevitably put a crimp on the cityís development plans, but remain optimistic. ďWe feel very sorry that Dai-Ei had to cancel their project, but the city has to double its efforts to promote tourism and other business in our west-coast area. We are very much looking forward to the duty-free shopping complex in the area,Ē Ginowan City Mayor Seikou Higa said.

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