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Japan's World Co to shut 358 stores by March 2021
10 Aug '20
1 min read
Pic: Shutterstock
World Co, a clothing company headquartered in Kobe, Japan, will close 358 stores in the country by the end of March 2021. The decision is a part of the company's structural reform measures undertaken due to the novel coronavirus pandemic. The company, which owns a number of brands, will also discard five clothing brands and is considering scrapping more.
As the company aims to improve its profitability, the structural reform measures would include a voluntary early retirement programme resulting in shedding about 200 jobs, Japanese media reports said. The programme would target employees aged above 40, and will begin next month.
Founded in 1959, World Co initiated a management buyout in 2005, making it a privately held company. The company produces no clothing under its own name, but instead owns a number of brands under which it markets its clothing.
Its brands like Aquagirl and Ozoc for young people are among the ones to be closed, as they are unprofitable.
Fibre2Fashion News Desk (RKS)
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