FilingReader Intelligence

Kintetsu department store to close Nagoya store, book loss

May 26, 2025 at 12:04 PM UTCBy FilingReader AI

Kintetsu Department Store (TSE:8244) announced today the closure of its Nagoya store (Kintetsu Passe) at the end of February 2026. The closure is prompted by the redevelopment project impacting the Nagoya Kintetsu Building. The company anticipates recognizing an extraordinary loss of approximately JPY 2 billion in the first quarter, related to the store’s closure, including impairment losses. The Nagoya store, operating since November 1966, generated JPY 1.892 billion in sales in fiscal year 2024. The company expects to finalize a compensation agreement with Kintetsu Real Estate, the lessor, by July 2025 to offset the loss. No changes to earnings forecasts are currently expected.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

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