Japanese Apparel Biz World to Close 358 Stores

Economy

Tokyo, Aug. 5 (Jiji Press)--Japanese apparel business World Co. <3612> said Wednesday that it will close 358 domestic stores by the end of March 2021, as its performance deteriorated amid the novel coronavirus epidemic.

The company will shed about 200 jobs through a voluntary early retirement program, also as part of structural reform measures aimed at improving its profitability.

World determined that it needs to reduce its stores and personnel, in addition to its unprofitable brands, with the coronavirus crisis unlikely to end anytime soon.

It will scrap five clothing brands, including Aquagirl and Ozoc, for young people, and consider cutting more.

The redundancy program, targeting employees aged 40 and over, will begin in September.

[Copyright The Jiji Press, Ltd.]

Jiji Press