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② Major Stock Market Crash at RIZAP (The Nikkei Nov. 15 issue, P.14)

Nov 20, 2018.Ichiro KumegawaTokyo, JP
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Promoting fitness gym management and its recent progresses with fashion enterprise acquisitions, the Rizap Group on Nov. 14 announced it’s midterm earnings with president Seto Takeshi remarking,  "In the fiscal year ending March 2008, we loss 7 billion yen. M&As are in suspension for the time being." In June, the company invited Akira Matsumoto, former president and CEO of Calbee as a representative director, COO (Chief Operating Officer). However in October, the position name changed to representative director structural reformer, due to rumors in the subsidiary group having internal feuds. Matsumoto denied as "conflict but a sound confrontation" at the interim results presentation. On the day after the press announcement, the stock of the group subsidiary collapsed, including the RIZAP stock which came pummeling. Matsumoto is also likely to leave the company, and the RIZAP whirlwind, which bore the stock market's attention with bold M&A, meets its end.

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