Daiei to take $66.1 mil
loss in Ala Moana
sale—report

Bloomberg News

TOKYO -- Daiei Inc., Japan's second-largest supermarket operator, said it will book an extraordinary loss of 8 billion yen (approximately $66.1 million) on the sale of Ala Moana shopping center at the end of July, Jiji Press reported, citing an unnamed company official. It expects to register a loss because Daiei needs to convert the total amount received into yen at the end of July. Daiei will offset the loss by selling equities and other assets, the report said.

General Growth Properties Inc., one of the largest U.S. mall owners agreed to buy the 50-acre Ala Moana Center, Hawaii's largest mall, from Daiei for $810 million in cash before Aug. 1.