DAIEI BAILED: Japan’s retail giant, Daiei Group, said it would ask for financial aid from Japan’s state corporate bailout agency, Industrial Revitalization Corporation of Japan. The heavily leveraged firm, which was once the nation’s largest retailer, has 1.63 trillion yen, or $14.89 billion, worth of consolidated liabilities with interest when it closed its fiscal year ended Feb. 29. The retail group is expected to follow IRCJ’s direction to spin off some of its companies while scraping unprofitable stores.

COSTCO’S PICK: Costco elected Susan Decker to its board of directors. Decker is the chief financial officer and executive vice president of finance and administration for Yahoo Inc. Last week, Costco Wholesale Corp. registered double-digit gains for the fourth-quarter and year-end periods, citing gains in memberships and increased sales at Costco Online. The warehouse club said for the three months ended Aug. 29, net income rose 23.9 percent to $296.8 million, or 62 cents a diluted share, from $239.4 million, or 51 cents, compared with last year, while total revenues rose 10.6 percent to $15.1 billion. Committee assignments for Decker will be made at the board meeting held in conjunction with the annual shareholders meeting on Jan. 27.

This story first appeared in the October 15, 2004 issue of WWD. Subscribe Today.