NEW YORK (Reuters) - Renown Inc <3606.T> plans to sell its stake in British clothier Aquascutum by February 2009 as part of a restructuring, according to a report by Nikkei Business News.
The report on Nikkei's website said the unit, acquired in 1990 for about 20 billion yen, posted its fourth consecutive net loss in the year ended December 2007 and continued to face difficult conditions. The report said Renown aims to retain the right to produce goods under the more than 150-year-old Aquascutum brand.
Renown will sell its headquarters in Tokyo's Gotanda district, an office building in Osaka and other real estate, the report said, adding the sales were likely to bring in tens of billions of yen in total, which would be applied to outstanding debt.
It said Renown aimed to cut about 300, or 30 percent, full-time jobs and about 100, or 25 percent of designers and other temporary employees. The report said the company had already decided to eliminate 16 of its 62 brands by February and was likely to drop three more.
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