Business | Feb 09

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
POPULAR NEWS

Mimurotoji Temple in Uji City, Kyoto Prefecture, known for its beautiful flowers, is currently celebrating the peak bloom of approximately 250 weeping plum trees, delighting visitors with the arrival of spring.

The world's largest projection mapping has lit up the walls of Tokyo Metropolitan Government Building, standing over 240 meters tall. The opening ceremony also included the certification ceremony for the Guinness World Record.

Isn't it beautiful? In a flask containing a substance with a deep purple hue, Professor Akira Kitagishi from Doshisha University is conducting an experiment that may create a groundbreaking therapeutic drug.

A long-standing Japanese restaurants in Beijing has been forced to close, suffering the impact of a three-year-long zero-COVID policy and the backlash from Japan's policy to release treated water from Fukushima's stricken nuclear plant.

Rice and nori are a perfect match. Whether it's in onigiri or sushi rolls, the aroma of seaweed is irresistible.

FOLLOW US