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August 03, 2004

Yohan to Bail Out Aoyama Book Center

Nippon Yosho Hanbai, known by the abbreviation Yohan, is to take over management of Aoyama Book Center, which recently filed for bankruptcy under the Civil Rehabilitation Law at the Tokyo District Court. Yohan, as Japan's largest distributor of Western books, was hit by the closure of ABC's seven stores in Tokyo and nearby Kanagawa prefecture, and plans to rehabilitate the debt-ridden company. According to a statement yesterday by Yohan president Hiroshi Kagawa, the company will acquire 80% of ABC's issued shares from distributor Kurita Shuppan Hanbai, whose bankruptcy filing was accepted on July 30. Yohan has already injected capital to cover personnel and rent fees and plans to reopen four of the stores for business sometime during August or September. The acquisition of shares is to take place following the settlement of asset values and the agreement of creditors. The acquisition amount and any changes in staff have yet to be decided.

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