Related Keywords: acquire apparel company Itokin, Hiroko Koshino and Michel Klein, imminent insolvency, Integral, Integral plans to reduce Itokin brands, Japanese investment fund, pouring resources into e-commerce, promote mainstay brands, rehabilitation efforts, store renovations, struggling Japanese apparel giant turnaround efforts
Japanese investment fund Integral will acquire apparel company Itokin for an estimated 16.5 billion yen ($144 million) to lead its turnaround efforts. Itokin, the struggling Japanese apparel giant's decision to get help from investment fund Integral in its rehabilitation efforts came as the company faced the prospect of imminent insolvency.
The company said that Integral will obtain new shares in Itokin via a private placement for 4.5 billion yen ($39.5 million) on Feb. 26 and gain 98% in voting rights. The fund will appoint three directors to Itokin's board to oversee the operations.
