Supermarket chain Nagasakiya Co., now undergoing court-mandated rehabilitation, said Monday it will close 31 more loss-making stores in late January and cut 700 jobs, or a third of its workforce.
The Tokyo-based retailer filed for protection from creditors with the Tokyo District Court under the Corporate Rehabilitation Law in February.
Nagasakiya said the court has extended until the end of next March the deadline for the company to submit a rehabilitation plan. The deadline was extended once last May.
The retailer has closed 15 loss-making stores since it went bankrupt. It decided to shut down 31 more of its 84 remaining outlets in a bid to get rid of operating losses, company officials said.
Nagasakiya will call for voluntary retirement by employees from late January through late February, they said.