Wal-Mart to cut back in Japan

Wal-Mart will cut back its stores and workers in Japan, according to a statement by the company’s Japanese subsidiary, Seiyu Ltd.

The move will close 20 stores, affecting 5 percent of the company’s 392 stores in the country; and 350 – or 6 percent – of Wal-Mart’s approximately 5,700 full-time employees in the country.

Wal-Mart took control of Seiyu, after a six-year investment in the Japanese company, in 2008.

The reason for the decision came because of falling revenues and a sixth-straight net loss in 2007. The company also plans to renovate 100 of its large store, and open smaller stores in areas not currently served by Seiyu.

Want to read more?
This content is available only to registered users. Log in to read the rest of this article or create a free account.
© 2014 Home Channel News. All Rights Reserved.