Department store operators Takashimaya Co. and H2O Retailing Corp. announced on 26 March that they have cancelled their plan to merge after apparently failing to agree on a common strategy to lift their struggling businesses.
However, both companies, which have Hankyu Hanshin Department Stores Inc. under their wing, said they will continue to their business relationship in areas such as joint product development and procurement of materials.
(Source: The Japan Times Online)