Citizen Watch Unit to Offer Buyouts to 550 Employees
Tokyo, July 29 (Jiji Press)--An analog watch manufacturing unit of Citizen Watch Co. <7762> will offer buyout packages to 550 employees, the parent company said Tuesday.
The move by Citizen Watch Manufacturing Co. comes as analog watch demand has been falling amid strong sales of smartwatches and the fallout from the coronavirus pandemic.
The unit, based in Tokorozawa, Saitama Prefecture, north of Tokyo, judged that analog watch demand will not recover in the medium and long term.
Citizen Watch Manufacturing has some 3,000 employees working at 17 factories in 10 prefectures across Japan, including Hokkaido, Fukushima, Niigata and Nagano.
Employees who will receive the buyouts, aged 36 or older, are set to leave the company at the end of December.
[Copyright The Jiji Press, Ltd.]