Amway Japan Limited (AJL) has announced third-quarter results. This quarter continues the downward trend of Amway in most of its markets. The major stockholders, all members of the DeVos and Van Andel families, are taking AJL private. An Extraordinary General Meeting of Shareholders will be held on August 30 to vote on that change, but in spite of previous shareholder lawsuits, the outcome is a foregone conclusion. Between the shareholders meeting and the effective date of the change, October 3, AJL will be delisted from both the NY Stock Exchange and from OTC sales in Japan.

Net sales for the third quarter were down 14.9% from the same quarter last year, at 28.3 billion yen ($261.6 million); net operating income was down 43.8%, while net income declined by 37.6%. Net income per share was also down 37.6%.

Net sales for the first 9 months of the year were down 16.1% from the same time period last year.

According to the company, the decline a was caused by "a continuing decline in new distributor applications, as well as continued weakness in consumer demand in Japan."

As part of the corporate restructuring involved in taking the company private, all employees will be offered "voluntary" retirement.

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