Japanese retailer Seiyu, an affiliate of US retail titan Wal-Mart, has said it plans to cut up to 1,600 full-time jobs, or 26% of its workforce, through a voluntary retirement programme.
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Seiyu, which is Japan’s fourth-largest supermarket chain, said the job losses would be at both the parent and its two regional units, reported Reuters.
Struggling Seiyu, which Wal-Mart plans to use as a way in to the Japanese retail market, expects to post a net loss of ¥10bn (US$94.4m) for its full fiscal year ending in February.
