|
|
Article: It's more bad news for Seiyu.(GLOBAL)
- Article from:
- Mass Market Retailers
- Article date:
- October 8, 2007
CopyrightCOPYRIGHT 2007 Racher Press, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
TOKYO -- Seiyu Ltd., Wal-Mart Stores Inc.'s Japanese supermarketer, has increased its forecast loss for this year by 76% and has cut 450 white collar jobs to counter sluggish sales.
The company boosted its projected loss for the year ended February 29 to $90 million from the $51 million it forecast in August. Seiyu will record its sixth consecutive loss in 2007, giving rise to rumors that Wal-Mart may consider pulling out of Japan, the world's second-largest retail market, as it did from losing operations in South Korea and Germany in 2006.
Seiyu, which is 53.6% owned by Wal-Mart, will offer early retirement to about 7% of its workforce of 6,500. There ...