Tasaki Purchased by Equity Firm MBK Partners

[pbazar]

Tasaki is to be purchased by private equity firm MBK Partners. The firm will invest ¥7 billion ($65 million) to become the controlling shareholder in Tasaki.MBK proposes Tasaki to close all unprofitable store and offices, down size including personel They intend to promote Tasaki brand expanding the sales network mainly in China and Asian market.
All the executives of the old Tasaki establishment will be forced out of their offices except Shodai Tasaki who played an important role in arranging this project. Mr. ShunsakuTasaki may possibly remain as the founder of the firm but his brothers, Seijiro & Tojiro, present president and vice—president will be kicked out as well as his son, Toshiaki and the former executive vice president Mr. Uyeda.

Tasaki’s gross sales during the bubble period was 400 oku yen — 40 billion yen. Their sale as of Ccbober 2008 was 29 billion yen. Their stock(inventory) is 39 billion and thier debt comes to 36 billion yen as of today.

[NYMATSUI]

According to the Japanese newspapers, Tasaki Shinju launched a voluntary retirement program that aimed to reduce its existing workforce by one-third. In the month ending 15th January 2009, Tasaki Shinju hoped to obtain the voluntary retirement of 450 employees. According to recent reports, 483 employees signed up for this program and were scheduled take their retirement on or before February 28, 2009.

In addition, Tasaki Shinju closed 7 of its 8 pearl farms and Marine Biology Research facility to concentrate on its Retail Business.

On August 20, 2008 Rokko Shinju Boeki filed for bankruptcy leaving an estimated 15 oku-yen (about 16 million USD) of obligations.

On January 21, 2009 Jewelry MAKI filed for bankruptcy, leaving an estimated 117 oku-yen (about 123 million USD) of obligations. During their peak years they had over 1,200 stores in Japan but has been experiencing financial difficulties especially after the financial market downturn since September, 2008.

[NYMATSUI]

Tokyo, Japan: Asahi Shinju, which was founded in 1939, filed for bankruptcy on August 24, 2009, claiming an aggregate debt of 28 Oku yen ($29.5 million). Asahi Shinju was known as a supplier of high quality akoya pearls. In 2003, their annual sales were about 31.74 oku yen ($32 million) selling strong in the domestic market and overseas but in 2008, the sales has declined to 15.8 oku yen ($16.6 million) due to the stronger yen which resulted in a sharp in their export sales and the weakened domestic market.

Kobe, Japan: Tasaki Shinju issued a press release on March 10, 2009, announcing that the company’s stock had been delisted from the Osaka Stock Exchange. In a separate press release issued June 26, 2009, Tasaki Shinju announcing that it has dissolved its wholly owned subsidiaries, Tasaki USA Inc. and Tasaki Euro N.V. Both Tasaki USA Inc. and Tasaki Euro N.V. have been losing money for several years, while their parent company, Tasaki Shinju, reported a record loss of 169 Oku Yen ($177 million USD) for fiscal year 2008 and expected to end the 2009 fiscal year with a loss of 60 Oku Yen ($63 million ).