Beleaguered supermarket chain Mycal Corp revealed yesterday [Wednesday] that a further ten stores will be closed as part of its corporate restructuring plan.
Go deeper with GlobalData
Administrator Motoya Okada, president of retail chain Aeon Co, told Asia Pulse: “Initially some people believed about 50 stores would have to be closed, but lower rents and improved productivity have allowed us to hold that number down.”
Since the chain went bankrupt last September, it has closed 30 outlets. Roughly 110 stores will remain open.
The company said that while the first four closures have been decided, the rest will be identified in the autumn.
