Pan Pacific International Holdings, which operates the discount chain Don Quijote, announced on the 1st that it has signed a business transfer agreement with major toy retailer Toys R Us Japan. Toys R Us Japan filed for application of the Civil Rehabilitation Act with the Tokyo District Court the same day, and according to Teikoku Databank, its total liabilities stand at approximately 13.2 billion yen. Pan Pacific International Holdings plans to take over all stores by the end of this month after obtaining court approval, inheriting the brand and main debts while continuing operations, and aims to return to profitability quickly through strengthened sales efforts. Toys R Us Japan has operated more than 150 toy stores nationwide under the Toys R Us name and others, but in recent years it had continued to post losses against the backdrop of a declining birthrate. Pan Pacific International Holdings is also involved in the toy business and judged that combining the two companies' shares would allow it to establish an overwhelming position in Japan's toy market. President Hiroshi Mori, at a press conference on the 1st, stressed that the addition of Toys R Us Japan's broad customer touchpoints will contribute to the group's sustainable growth.
Pan Pacific International Holdings CorporationPan Pacific signs agreement to take over Toys R Us Japan's stores, brand and main debts, aiming to establish an overwhelming position in Japan's toy market.
