Foreign buyers could pick up some stores from ailing Japanese supermarket chain Mycal either as a vehicle for market entry or as a means of boosting market share in Japan, according to analysts. Mycal finally filed for bankruptcy protection last week after its main bank Dai-ichi Kangyo Bank (DKB) withdrew its support. The fourth largest retailer in Japan, operating supermarkets, department stores and shopping centres, Mycal has chalked up debts in excess of £10bn. Last month alone, it received 50bn yen (£290m) in short-term financing from DKB. According to local press reports, Mycal has resumed tie-up talks with Wal-Mart which were broken off earlier this month in a last ditch bid to secure support from its biggest creditors. Were Wal-Mart or another party to assist Mycal as a sponsor, it would have first option to take over the entire business. However, half of Mycal's 227 stores are loss-making, and potential buyers are unlikely to be interested in them all and unwilling to shoulder Mycal's colossal debts, said analysts. Without a sponsor, the business is in danger of collapse, leaving creditors to bear the losses and foreign entrants with an opportunity to cherry pick the best stores. Mycal said over 30 companies had come forward as potential sponsors, several from overseas. Tesco has had research teams in Japan for more than 18 months, but deputy chairman David Reid categorically denied the company had any interest in Mycal's assets. However, analysts said Carrefour might be interested in picking up selected Mycal sites to help it build critical mass in a market where planning permission is hard to come by and attractive acquisitions are rare. Wal-Mart declined to comment. {{NEWS }}