Apparel Maker Onward Holdings to Close 700 Outlets
Tokyo, April 13 (Jiji Press)--Japanese apparel maker Onward Holdings Co. <8016> said Monday that it plans to close a total of some 700 outlets at home and abroad by the end of its current business year to February 2021.
The closures are due to stagnant sales at its outlets in department stores and a decrease in customers due to the spread of the new coronavirus. The plan was announced by the company's president, Michinobu Yasumoto, at a press conference to release its earnings for the year to last February.
The company hopes to improve its performances by streamlining operations and shifting more of its focus to online sales.
Onward will not cut jobs in line with the closures. Instead, employees at the shops to be closed will be relocated to other positions within the group.
It sells items from various women's clothing brands, including Kumikyoku, mainly at shops in department stores.
[Copyright The Jiji Press, Ltd.]