To lead its turnaround efforts, Japanese investment fund Integral will acquire apparel company Itokin for an estimated 16.5 billion yen ($144 million). Itokin, the struggling Japanese apparel giant's decision to get help from investment fund Integral in its rehabilitation efforts came as the company faced the prospect of imminent insolvency.

According to the company sources, Integral will obtain new shares in Itokin via a private placement for 4.5 billion yen ($39.5 million) on Feb. 26 and gain 98 per cent in voting rights. The fund will appoint three directors to Itokin's board to oversee the operations.

Itokin bled red for four straight years through January 2015, due to slow restructuring operations. The company finally took action at the end of 2015, when concern grew that it may not be able to get through February, when it has to make many payments for spring items procured, according to sources.