7-Eleven parent cuts staff an store closings
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Japanese 7-Eleven parent Seven & I Holdings is preparing to cut 3000 jobs in its 2022 fiscal year.
The move will be the firm’s largest payroll cut since it opened and reflects increasing competition from e-commerce and shopping malls, as well as chronic shortages in labor.
The firm is planning a structural reform initiative to rebuild customer support, including the shedding and downsizing of some of its less profitable Sogo, Seibu and Ito-Yokado branded stores.
“The stores we’re keeping have the ability to attract customers,” Seven & I president Ryuichi Isaka told Nikkei. “We’ll focus our investment there and do more to revitalize them.”
Questions & Answers
Q.What is the primary reason for Seven & I Holdings making these job cuts and store changes?
What is the primary reason for Seven & I Holdings making these job cuts and store changes?
The firm is responding to increased competition from e-commerce and shopping malls. It also faces chronic labour shortages, influencing its decision to streamline operations and focus on more profitable stores.
Q.Which specific store brands are affected by Seven & I Holdings' plans for shedding and downsizing?
Which specific store brands are affected by Seven & I Holdings' plans for shedding and downsizing?
Seven & I Holdings plans to shed and downsize some of its less profitable Sogo, Seibu, and Ito-Yokado branded stores. This is part of a structural reform initiative to rebuild customer support.
Q.What is the total number of jobs Seven & I Holdings plans to cut?
What is the total number of jobs Seven & I Holdings plans to cut?
Seven & I Holdings is preparing to cut 3000 jobs. This will be the company's largest payroll reduction since it was established, aiming to strengthen its overall business structure.
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