Wal-Mart Poised to Buy Japanese Supermarket Chain

The cash-poor Japanese supermarket chain Daiei Inc. is undergoing government-guided rehabilitation by the Industrial Revitalization Corp. Japan and Wal-Mart has presented itself as a prospective buyer. Ito-Yokado Co. and Aeon Corp. are also in the bidding.

Daiei, with 200 stores nationwide, owes about $9.7 billion and needs a massive bailout. Wal-Mart wants to continue expanding in Japan where they already have a 37.3 percent interest in 400 stores owned by Japanese retailer Seiyu Ltd. Bidding for Daiei will continue through next month.