Word: kamoshida
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...HITACHI, JAPAN The Mall is Closed For Taira Kamoshida, the founder and the owner of a successful dry-cleaning chain in the small Japanese city of Hitachi (pop. 195,000), the bad news hit like a bolt from the blue. On Sept. 26, Kamoshida was told by his management office that Hitachi's main shopping mall was closing its doors - and one of his dry-cleaning shops located there was instantly out of business. "There was no sign at all of the closing down," says Kamoshida, 63. "On the contrary, my store finally started to break even and was even...
...Kamoshida isn't the only one caught by surprise as Japan deals with the cascading effects of the crisis. The mall, Sakura City, opened in late 2006 to much fanfare, and initially housed 60 stores, including the area's only supermarket. Its closure has cost about 400 people their jobs, and effects are rippling out into the community, says Tadayasu Yamamoto, chairman of the Hitachi Chamber of Commerce and Industry. "Shop owners of the nearby shopping arcades are in trouble and so are the consumers," Yamamoto says. "We cannot allow the city's ray of light to be extinguished...
...Brothers, the now defunct American investment bank. After Lehman's dramatic collapse in mid-September, the mall lost its funding source, couldn't pay operating expenses and was forced to liquidate. Tenants must be out within days. They have been told they will not be getting their deposits back. Kamoshida can't get over the feeling of being utterly blindsided. "I had no idea that Lehman Brothers had anything to do with it," he says. "When I heard that Lehman collapsed, I thought that it was somebody else's problem in a faraway place...
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