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Tuesday, March 6, 2007

Fujiya plans to sell Osaka branch

Staff writer

Scandal-tainted confectioner Fujiya Co. said Monday it will sell its Osaka branch to Atrium Co., a real estate investment fund, in an apparent effort to offset losses from its production shutdown.

Fujiya said it will sell its Ebisubashi branch in central Osaka for 554 million yen to "slim down" its corporate assets.

The cash-strapped sweets maker does not have capital ties with Atrium, which is headed by Tsuyoki Takahashi.

Fujiya's board of directors agreed to the deal Monday and the company will sign the contract Wednesday, it said.

Fujiya also said it will issue a revised earnings forecast for fiscal 2006 as soon as the figures have been confirmed.

Fujiya reportedly expects to post about a 50 billion yen net operating loss for the business year ending this month because it suspended production and sales after it was revealed the company used expired ingredients in several products.

In January, Fujiya confessed it had been using expired eggs, milk and other ingredients in its sweets after the wrongdoings were uncovered by the media.

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The Japan Times

Article 2 of 8 in Business news

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