Ito-Yokado to Withdraw from Hokkaido and Tohoku, Closing All 14 Stores

TOKYO, Feb 09 (News On Japan) - Ito-Yokado, a supermarket chain under the umbrella of Seven & i Holdings, has announced its withdrawal from Hokkaido and the Tohoku region, signaling the closure of all its 14 stores in these areas. This strategic retreat encompasses six stores in Hokkaido and eight stores across Aomori, Iwate, Miyagi, and Fukushima prefectures. The closures will be phased in starting this spring.

In light of these closures, Seven & i Holdings is actively seeking companies for potential business succession, emphasizing employment-centric negotiations.

Ito-Yokado, once the cornerstone of Seven & i Holdings' business, has been experiencing a downturn, marking three consecutive years of net losses. In March of the previous year, Seven & i Holdings announced a restructuring plan that included reducing 33 stores by 2026 to focus on urban areas, exiting the apparel business, and other measures aimed at consolidating its operations.

Furthermore, since January, the company has been inviting early retirement applications from regular employees aged 45 and over. A decision to relocate the headquarters by this summer has also been made, part of an accelerated effort to restructure the struggling Ito-Yokado and improve its financial performance.

Source: TBS

MORE Business NEWS

M&A League Table: Mitsubishi Morgan Takes Top Spot in Q1 with Sekisui House's Acquisition of US Company

Mitsubishi UFJ Morgan Stanley Securities claimed the leading position in advising Japan-related M&A transactions for the January to March 2024 period, with a total value of approximately US$13 billion, according to data from the London Stock Exchange Group (LSEG).

Sumitomo Acquires Local Clinic Operator in Malaysia

Sumitomo Corporation is making a bold move into the healthcare business in Malaysia. They have acquired a local clinic operator with plans to expand its network to 100 facilities and transform it into a consolidated subsidiary. By 2026, the Japanese group aims to triple the number of facilities and enhance primary healthcare services.

Concerns Rise Over Children's Education Funding, Survey Reveals

In a survey conducted by a major life insurance company to coincide with Children's Day on May 5th, it was revealed that over half of the respondents felt uneasy about saving for their children’s education.

< 2 3 4 5 >

Kamakura on Foot Helps Solve Curse of Over-tourism

In the ancient city of Kamakura, an experimental initiative promoting walking to address over-tourism issues and potentially unveil new charms took place. Local residents express hopes that this experiment will not only alleviate congestion but also lead to the discovery of fresh attractions.

The Future of Tokyo with SusHi Tech

In preparation for SusHi Tech Tokyo 2024, exhibitions were held on the weekend across various locations in Tokyo highlighting sustainable technology for the future.

School Absence in Japan Climbs to Nearly 300,000; One Girl's Story

School absenteeism among Japanese elementary and middle school students has surged to approximately 300,000, with many students struggling to return after long holidays like Golden Week. In this context, a sixth-grade girl who overcame school absence shared her story.

Carp Streamers Adorn Tokyo Tower on Children's Day

Despite the unseasonable heat, many visitors crowded in to view a total of 333 carp streamers, both large and small, displayed today, on Children's Day, in front of Tokyo Tower.

Japan's Rice Flour Revolution: Ministry of Agriculture Forms 'Komeni' Team

Amid global wheat shortages due to abnormal weather conditions and the depreciation of the yen, Japan is seeing price hikes and suspensions in the sale of products like orange juice, leading some to turn to domestic alternatives like mandarin juice. One such alternative gaining attention as a substitute for imported goods is rice flour.