Top Culture Co., Ltd. cancelled the acquisition of 15 stores mainly in east Japan area of Tsutaya Co., Ltd.
December 27, 2018
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Top Culture Co., Ltd. (TSE:7640) concluded a basic agreement to acquire 15 stores mainly in east Japan area of Tsutaya Co., Ltd. on December 28, 2017. Top Culture Co., Ltd. (TSE:7640) will conclude a business transfer agreement to acquire 7 stores mainly in east Japan area of Tsutaya Co., Ltd on March 9, 2018. Under the terms, Top Culture Co., Ltd will pay an amount of ¥1.5 billion for acquiring 7 stores in east Japan area of Tsutaya Co., Ltd which is payable in cash. For the fiscal year ended March 31, 2017, 7 stores mainly in east Japan area of Tsutaya Co., Ltd reported sales of ¥3.2 billion and total assets of ¥1.6 billion. The Board of Directors of Top Culture Co., Ltd. passed a resolution for the transaction on December 28, 2017. The transaction is expected to be completed on March 1, 2018. On March 8, 2018, the transaction is expected to close on May 31, 2018.
Top Culture Co., Ltd. (TSE:7640) cancelled the acquisition of 15 stores mainly in east Japan area of Tsutaya Co., Ltd. on December 28, 2018.
TOP CULTURE Co., Ltd. is a company mainly engaged in the operation of retail business. The Company operates in four business segments. The Tsutaya Bookstore segment is mainly involved in the operation of large-scale complex stores under the name Tsutaya Bookstore which primarily engages in the sale of books, stationery, compact discs (CDs) and digital versatile discs (DVDs), as well as the rental of CDs and DVDs. The Sports-related segment includes soccer clubs and soccer schools, as well as planning and management of sports facilities. The Home Visit Nursing segment operates a home-visit nursing station for the brain and heart, and conducts home-visit nursing business focusing on mental illness and dementia. The Others segment engages in sale of used books, music and video software, game consoles and game software, as well as operation of Top Books in Used Books stores.