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Yaohan
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==Decline== [[File:Yaohan Centre 2018.jpg|thumb|Yaohan Centre in Richmond, BC. The shopping centre retained its name after purchase by the President Group]] When the company faced financial difficulties, it was split into two companies, one in Japan and with the overseas part headquartered in Hong Kong, in a bid to survive. The group was traded on the [[Hong Kong Stock Exchange]] as Yaohan International Company Limited until 11 August 1998. Through a combination of the [[1997 Asian financial crisis]] and the stagnation of the Japanese retail market, however, the group declared bankruptcy with 161 billion yen of debts.<ref name="hand">{{cite news |title=Jusco to lend hand to Yaohan |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/straitstimes19971007-1.2.77.7 |work=The Straits Times |agency=Reuters |date=October 7, 1997}}</ref> It was the biggest postwar failure in Japan's retail sector at the time.<ref name="over">{{cite news |title=Jusco to take over Yaohan Japan's operations |url=https://eresources.nlb.gov.sg/newspapers/digitised/article/biztimes19971219-1.2.35.9.1?qt=yaohan&q=yaohan |work=Business Times (Singapore) |agency=AFP |date=December 19, 1997}}</ref> Already at a "financial dead-end", the super-market chain asked for protection from creditors under Japan's Corporate Rehabilitation Law on 18 September 1997.<ref name="protection"/> Many outlets were closed. In December 1997, Yaohan in Japan was bought by [[ÆON Group]]<ref name="over"/> and changed its name to [[Maxvalu Tokai]]; most of the stores in Hong Kong were also overtaken by ÆON and became [[JUSCO]]. Other stores in the US were bought by Maruwa, [[Mitsuwa]], and [[Marukai]], the latter two based in Los Angeles. Stores in Canada were bought by [[The President Group]], a Taiwanese company. A former Yaohan department store in [[Macau]] is operating under the trading name '''New Yaohan''' (新八佰伴), operated by '''Yaohan International Company Limited''' in Hong Kong which is owned by [[Sociedade de Turismo e Diversões de Macau|STDM]] (controlled by [[Stanley Ho]]) and no longer has a connection with the Wada family. '''Yaohan Best''' has been renamed as [[Best Denki]].
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