Kinokuniya Bookstore and CCC announce the start of discussions toward the conclusion of a share transfer agreement for Asahi Bookstore and Tokyo Asahi Bookstore

2024.08.30 Press Releases
Kinokuniya Bookstore Co., Ltd. / Culture Convenience Club Co., Ltd.

Kinokuniya Bookstores Co., Ltd. (Head office: Shinjuku-ku, Tokyo; Chairman and Representative Director: Takai Masashi; hereinafter "Kinokuniya Bookstores") and Culture Convenience Club Co., Ltd. (Head office: Shibuya-ku, Tokyo; President and CEO: Yasunori Takahashi; hereinafter "CCC") are pleased to announce that they have begun discussions toward entering into a share transfer agreement to transfer all shares of CCC's subsidiaries, Asahi Bookstores Co., Ltd. (hereinafter "Asahiya Bookstores") and Tokyo Asahi Bookstores Co., Ltd. (hereinafter "Tokyo Asahi Bookstores"), to Kinokuniya Bookstores.

According to the Japan Publishers and Publishers Association/Publishing Science Research Institute, the estimated sales value of paper publications (books and magazines) in 2023 will be 1.612 trillion yen, down 6.0% from the previous year, continuing the downward trend year by year. Meanwhile, amid a decline in bookstores across Japan, the Ministry of Economy, Trade and Industry established the "Project Team for Promoting Bookstores as a Foundation for Cultural Creation" in March 2024.

In this publishing and bookstore industry, Kinokuniya Bookstore and CCC have set up a joint venture with Nippon Shuppan Hanbai Co., Ltd. in October 2023, with the mission of "creating a prosperous future in which bookstores continue to exist in local communities, more people develop reading habits, and continue to have contact with knowledge and culture through books, through bookstores themselves." The two companies are working to promote bookstore-led publishing distribution reform.

Asahi Shoten and Tokyo Asahi Shoten, which have a history of approximately 80 years, joined the CCC Group in 2018 and have been operating bookstores based on CCC Group synergies. Kinokuniya Bookstores and CCC have decided to enter into discussions toward concluding a share transfer agreement, with the aim of promoting sustainable management in light of the current external environment, while allowing Asahi Bookstores and Tokyo Asahi Bookstores to continue to be closely connected to the local community and provide cultural value.

Once a final decision has been reached on this matter, we plan to make a further public announcement with details.

Materials related to this matter

Kinokuniya Bookstore and CCC announce the start of discussions toward the conclusion of a share transfer agreement for Asahi Bookstore and Tokyo Asahi Bookstore

Inquiries regarding this matter
Culture Convenience Club Co., Ltd.
Public Relations Office
TEL: 03-6800-4764
MAIL: inquiry@ccc.co.jp