Japan’s World Co closing 358 stores by March
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Japanese apparel firm World Co is shuttering 358 outlets nationwide by March next year. The move is in response to the impact of the Covid-19 outbreak and will involve jettisoning five clothing brands owned by the parents firm – including unprofitable brands Aquagirl and Ozoc – and potentially more.
The closure plan will involve implementing a voluntary early-retirement program for staff and around 200 layoffs.
World Co has operated for more than 60 years within Japan and went into private ownership 16 years ago.
The company is not the only Japanese apparel retailer to announce plans to scale back operations this year. Last month, rival Cecil McBee said it would shut down all of its physical outlets in the country. It said at the time it could not survive another outbreak with a period of store shutdowns.
The firm’s 43 stores are closing consecutively throughout Japan, with final closures to be made by February next year.
Questions & Answers
Q.Which specific clothing brands are being eliminated as part of World Co's closure plan?
Which specific clothing brands are being eliminated as part of World Co's closure plan?
The closure plan involves jettisoning five clothing brands owned by World Co. The article specifically mentions two of these as unprofitable: Aquagirl and Ozoc. It also notes that potentially more brands could be affected.
Q.How will the store closures affect World Co's employees?
How will the store closures affect World Co's employees?
The company's closure plan includes implementing a voluntary early-retirement program for staff. Also, it will result in approximately 200 layoffs. This is part of the response to the impact of the Covid-19 outbreak on the business.
Q.Is World Co the only Japanese apparel retailer making significant cuts this year?
Is World Co the only Japanese apparel retailer making significant cuts this year?
No, World Co is not alone. Rival Cecil McBee announced last month that it would shut down all 43 of its physical outlets across Japan by February next year, citing an inability to survive another outbreak.
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