PARCO to close Kumamoto PARCO
February 28, 2019
PARCO CO., LTD.
PARCO Co., Ltd. announced today the decision of its board of directors to close Kumamoto PARCO.
１．Reason for closing
Kumamoto PARCO has been doing business for more than 30 years since its opening in May 1986, and while PARCO will continue to examine its store management policy, after taking into account the building’s age and changes to Kumamoto’s business environment, PARCO’s board of directors has decided to close Kumamoto PARCO in timing with the expiration of the building’s lease agreement.
２．Details of store closure
|２||Address||Tetorihon-cho 5 - 1, Chuo-ku, Kumamoto-shi, Kumamoto|
|３||Opening Day||May 2, 1986|
|４||Tenant Transaction Volume||¥4.99 billion (FY2017 Results)|
February 29, 2020 Closure of Kumamoto PARCO (scheduled)
４．Impact on performance
PARCO plans to record the ¥10 billion loss associated with Kumamoto PARCO’s closure in Q4 of FY2018. For more details about changes to full-year consolidated earnings forecasts, please check the timely disclosure titled “PARCO Announces Recording of Other Expenses and Revisions to Earnings Forecasts,” released separately today.
The building housing Kumamoto PARCO was constructed in October 1971, making it more than 47 years old. PARCO is considering working with the owner to reconstruct the building and open a new commercial facility. More details will be announced as they are decided.