Adastria : Notice Concerning Waiver of Claims Against Consolidated Subsidiary
October 12, 2023 at 02:13 am EDT
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October 12, 2023
To Whom It May Concern,
Company name
Adastria Co., Ltd.
Representative
Osamu Kimura, Representative Director and President
(Securities code: 2685 TSE Prime Market)
Itsuo Iwakoshi, Senior Executive Officer, General
Inquiries
Manager of Administration Division, Head of
Corporate Planning Office
(TEL:03-5466-2060)
Notice Concerning Waiver of Claims Against Consolidated Subsidiary
Adastria Co., Ltd. today announced that the company resolved to waive claims against consolidated subsidiary ADASTRIA eat Creations Co., Ltd. in accordance with Article 370 of the Companies Act and Article 24, Paragraph 2 of the Company's Articles of Incorporation (written resolution in lieu of a resolution by the Board of Directors).
1. Overview of the Consolidated Subsidiary
(1)
Name
ADASTRIA eat Creations Co., Ltd.
(2)
Head office
2-21-1 Shibuya, Shibuya-ku, Tokyo
(3)
Representative liquidator
Katsuya Jinno
(4)
Business lines
Management and development of food service operations
(no business activity at present)
(5)
Capital
10 million yen
(6)
Established
October 31, 2017
(7)
Net assets
(1,589) million yen
(8)
Total assets
224 million yen
(9)
Major shareholders and
Adastria Co., Ltd., 100%
ownership ratios
Equity relationship
Adastria eat Creations Co., Ltd. is a consolidated
subsidiary of Adastria Co., Ltd.
Personal relationships
An employee of Adastria Co., Ltd. serves as the
representative liquidator of Adastria eat Creations Co.,
Relationship with
(10)
Adastria eat Creations Co., Ltd. has loans outstanding
Adastria Co., Ltd.
Business relationships
to Adastria Co., Ltd.
Adastria eat Creations Co., Ltd. is a consolidated
Related party status
subsidiary of Adastria Co., Ltd. and falls under the
category of a related party.
2. Background Behind the Waiver of Claims
Adastria eat Creations Co., Ltd. was established as a consolidated subsidiary of Adastria Co., Ltd. in October 2017. The Adastria Group is currently reviewing its business structure for further growth in the restaurant business. As part of this review, Adastria eat Creations restaurants will be closed beginning in June 2023 and the company will be liquidated. As part of the liquidation proceedings, Adasitria Co., Ltd. has resolved to waive its claims against Adastria eat Creations Co., Ltd.
3. Type and Amount of Claims from the Consolidated Subsidiary
(1)
Types of claims
Short-term loans
(2)
Amount of claims
(1,594) million yen
4. Future Outlook
Adastria Co., Ltd. has already recorded an allowance for doubtful accounts for said claims against the subsidiary in prior periods. The impact on the non-consolidated financial statements for the fiscal year ending February 29, 2024 is immaterial. Since the debt will be offset and eliminated in the consolidated financial statements, this debt waiver will have no impact on the Adastria Co., Ltd. consolidated financial results.
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Adastria Co. Ltd. published this content on 12 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 October 2023 06:12:23 UTC.
Adastria Co Ltd, formerly Adastria Holdings Co Ltd is mainly engaged in the apparel and miscellaneous goods retail business. The domestic product sales business includes casual fashion brands such as Global Work, LOWRYS FARM, LEPSIM, JEANASiS and RAGEBLUE, and lifestyle brands such as nico and ..., studio CLIP and BAYFLOW.It develops e-commerce (EC) specialized brands such as apres jour. It develops fashion apparels for adults under the brands such as Babylon and BARNYARDSTORM. The Company operates its business under the brand Velvet by Graham and Spencer in the United States. The logistics business, goods are received, inspected, stored and shipped. In order to efficiently purchase products when expanding to multiple stores, the Company inspects and stores the received products by the central buying method and ships the products in a timely manner.