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
