Remembering an old friend

Remember Yaohan Dept Store everyone? The one that went bankrupt a decade ago? Everyone were wondering how it went bankrupt. Wait no further coz i've done the research! Yaohan was a Japanese retail group founded by Kazuo Wada in 1930 and dramatically expanded itself outside Japan in the 1990s. It opened stores in places like China, California, Hawaii, Singapore and Brunei. At its peak, it had 450 outlets in 16 countries. Amaaazing! 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. It has been bought by other major retail groups ever since; now the group operates under the name Maxvalu Tokai and it recently opened a new store in Macau called 'New Yaohan Department Store'. So if someone happens to go to Macau, don't forget to drop by to our ol' friendly department store. We miss you Yaohan!
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