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Food & Beverage

Pepper Food sacrifices cash cow for quick infusion

But $80m sale expected to sate Ikinari Steak operator for only a year

Ikinari Steak's monthly revenue averaged 18 million yen per store in the first half of 2018, only to sink to 10 million yen by the second half of 2019. (Photo from Ikinari Steak's Facebook account)

TOKYO -- Japan's Pepper Food Service, operator of the struggling Ikinari Steak chain, will sell its money-spinning Pepper Lunch business for 8.5 billion yen ($79 million), cheering investors but falling short of providing enough cash to address its deeper problems.

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