Phoenix Capital To Sponsor Failed Regional Dept Store Operator

Phoenix Capital, a turnaround-focused private equity firm, announced that Phoenix has signed a sponsorship agreement with Nakasan Co. Ltd., a bankrupt Tohoku-based department store operator. Nakasan filed for court protection with debts of 11. 4 billion yen this March. Phoenix starts to make a revitalization plan with Nakasan to acquire its approval from the court.