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YAMAHA to Close Kiroro Golf Club
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On October 31, 2003, YAMAHA CORPORATION will close the Kiroro Golf Club, located in Yoichi-gun, Hokkaido, and managed by Kiroro Associates, Inc., one of YAMAHA's resort management subsidiaries.
In light of the current economic downturn, the continuing decline in Hokkaido's golf course admission prices, and the need to selectively allocate resources within the Group, YAMAHA decided to close the resort after determining that there was little potential for increasing sales and restoring medium-term positive cash flows.
As a result of the closure, YAMAHA recorded a special loss of ¥1,040 million for the fiscal year ended March 31, 2003.
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| Corporate Profile |
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| Resort name: |
Kiroro Golf Club
Opened in July 1993
18 holes
Area:1,418,000m2
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| Location: |
148-1 Aza-tomita, Akaigawa-mura, Yoichi-gun, Hokkaido, Japan
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| Management Subsidiary: |
Kiroro Associates, Inc.
128-1 Aza-tokiwa, Akaigawa-mura, Yoichi-gun, Hokkaido, Japan
Capital: ¥280 million (100% invested by YAMAHA)
President and Representative Director: Mr. Hiromu Nakashima
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| Business Performance: |
Sales totaled ¥210 million in fiscal 2002 and ¥180 million in fiscal 2003
Guests numbered 21,000 in fiscal 2002 and 19,000 in fiscal 2003
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| Number of Members: |
184
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| Resort Closure: |
October 31, 2003
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| Employees: |
7 YAMAHA employees; 63 contract employees
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YAMAHA is making every effort to retain Kiroro employees by transferring them to other Group companies where possible.
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This decision affects only the golf club and will not affect YAMAHA ski resorts or other lodging facilities.
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For further information, please contact
Yamaha Corporation
Corporate Communication Group,
Public Relations Division
TEL. +81-3-5488-6601
FAX +81-3-5488-5060
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