June 29, 2020 / 4:59 AM / 6 days ago

Japan's J.Front Retailing gets $2.8 bln credit lines from banks - Kyodo

TOKYO, June 29 (Reuters) - Japan’s J.Front Retailing Co has received credit lines totalling 300 billion yen ($2.80 billion) from banks including Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, Kyodo news reported on Monday.

The credit lines are aimed at preparing for any store closures that might result from a possible second wave of coronavirus infections, Kyodo said.

J.Front Retailing, which owns department stores including Daimaru and Matsuzakaya, declined to comment on the report. Its shares fell more than 6% after the report.

MUFG declined to comment. SMFG couldn’t be reached for comment immediately.

$1 = 107.0800 yen Reporting by Ritsuko Ando and Takashi Umekawa; Editing by Chang-Ran Kim and Muralikumar Anantharaman

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