(Landmarks August 17), September 18, 1997, the Japanese supermarket giant Yaohan company into bankruptcy.

1997 9 18, the big news broke: Japanese business known as the legendary Japanese companies Yaohan afternoon has filed application for the Corporate Rehabilitation Law to protect, in fact, equivalent to declaring bankruptcy.
postwar Japan circulation with the largest corporate bankruptcies. Yaohan ups and downs of 60 years from thriving to make ends meet, shocking and regrettable, the lessons also thought-provoking.
Yaohan company was founded in 1930, is headquartered in Numazu, Shizuoka Prefecture, Japan, belonging to Yaohan Group, is the backbone of a company listed on the Tokyo Stock Exchange food supermarket. The many know
"A letter of the story," This Japanese drama. A letter, heroine of the play is the real-life Mrs. Wada wins founded Yaohan and Tianliang Ping. "A letter story" is depicted Wada wins lifetime entrepreneurial process of struggle. Until the death of Wada wins in 1993, it has been in legend hardworking and thrifty about her life, the story of hard work.
Yaohan initially greengrocer of Hotan one run in Atami, Shizuoka Prefecture. After 30 years of bitter struggle, the small shop has been considerable development, officially changing its name in 1962 to Yaohan department store. The eldest son Kazuo Wada adhering to his father as Yaohan department store general manager, Kazuo mother Wada wins as a top advisor. Since then, Yaohan aggressively expand overseas business, start additional production line, they sell household goods and clothing, and worked in Brazil, Singapore, Hong Kong, Shanghai, Britain, the United States established a series of semi-colon, set off a circulation wave of internationalization. The Yaohan Group gradually developed into a capital of 23.6 billion yen, 42 domestic backbone shops in Japan, 26 overseas supermarket chain. the
especially worth mentioning that the Yaohan rapid development in Hong Kong. In December 1984, it set up in Hong Kong store opened No.1 Yaohan. 1989, Kazuo Wada, take advantage of the occasion of the Hong Kong economy a low ebb, and again massive investment to Hong Kong, to establish relations with the Hong Kong businessman, thriving business is getting the Yaohan's reputation is getting louder and louder. In October 1989, Kazuo Wada, announced to the the Yaohan Global business headquarters moved to Hong Kong, and two layers of 220 million Hong Kong dollars to buy the top floor of the office building of the Hong Kong Convention and Exhibition. Later he has acquired, Tin Shui Wai, shopping malls and Riverview Hirotsune from 1990 to 1991, Kazuo Wada has the Yaohan diet, Yaohan food company's stock market, turn Yaohan International Group stock separate listing in 1993 to support the development of the Corporation. Then, Kazuo Wada will shift the focus of Shanghai Pudong, Shanghai First Yaohan company established a joint venture with Shanghai. aged 68
Kazuo Wada has been known as the "circulation FY child", why was bankrupt doom? More consistent view is that at least he made the error of blind investment and poor management. (L $ j��.c��)
First Yaohan Japan foundation is not deep, but only emphasizes the implementation of the global strategy in foreign countries to open up too far. According to the Nihon Keizai Shimbun reported in Japan, Yaohan only in the Shizuoka Center has dozens backbone supermarkets, not a good grasp of the Japan Offers and business opportunities. Second, borrowing too much and unsustainable. The Yaohan mainly rely on debt to carry out operations support to survive through huge turnover and cash flow. According to reports, its liabilities totaled 161.3 billion yen (U.S. $ 1.34 billion). In 1994, the U.S. Federal Reserve Board series 6 times to raise interest rates, which makes a the Yaohan Group under a lot of pressure, forcing it to seek to reduce debt, began to sell some of the shops. Starting from the early 1990s, Yaohan issuance of corporate bonds directly from the financial markets to raise funds, from the past to rely on the East China Sea, Sumitomo Trust, Japan's long-term credit three banks gradually. Yaohan by the conversion of indirect financing of banks for direct financing practices though in line with the trend of financial liberalization, but when the deterioration of liquidity, without the support of the major banks, they are bound to be caught in a helpless predicament. The Yaohan It is a taste of the bitterness. Yaohan Group
is called enterprise development miracle troubled start from 96, have tried to change the predicament by replacing signs, last year the official flag of the Group's from Earth "pattern to & ldquo ; eight word patterns, both take horoscopes auspicious meaning, and symbolically, even his hands together, good friend, the meaning of Thanksgiving, and Yaohan "world public enterprise groups, the" world " purpose. Replace the signs, Yaohan not only did not turn around, but the storm after another. Kazuo Wada, was forced to sell his mansion in order to ease the debt, but no improvement. Last May, he in turn sold to Daiei Japan gain of 16 shops. Finally, in order to avoid the worse the outcome, he finally Shizuoka District Court on September 18 this year to apply for the protection of the Corporate Rehabilitation Law.
deteriorating due to the Yaohan liquidity since July, July 7, the company's stock fell by more than 200 yen to 184 yen, fell to 95 yen in the July 11, September on the 18th actually fell to 70 yen. The Tokyo Stock Exchange announced on September 18, Yaohan Japan's stock trading stop from 19, and the company's stock market will be abolished on December 19. The same time, according to the application of the Corporate Rehabilitation Law, the Yaohan company issued 40 billion yen in convertible bonds has not repaid, the bank will not acquire. However, the collapse of the Yaohan Japanese companies Yaohan Group still exists. Yaohan general manager in Japan, Kazuo Wada, four brothers and Tianguang positive recently told reporters that he will resign, but Yaohan Group a semicolon other shops in Japan and overseas will continue as usual to stay in business.