Meitetsu Department Store to Dissolve, Parent Company Writes Off 11.5 Billion Yen Debt

On the 24th, Nagoya Railroad (Meitetsu) announced that it will dissolve and liquidate its wholly-owned subsidiary, Meitetsu Department Store, effective September 1. Meitetsu will take over the department store's gift certificate business while writing off debts exceeding 11.5 billion yen owed by the store. This decision marks a significant operational shift for Meitetsu.