Supermarket chain Seiyu Ltd. said Friday it will slash some 1,600 jobs, or about one-fifth of its total full-time workforce, by March 1.
Sales at Seiyu, 37.8 percent of which is owned by Wal-Mart Stores Inc., have been flagging for a number of years.
"It's very painful for those who are leaving, but as management, I think there would be more criticism that our move came too late," remarked Masao Kiuchi, president and chief executive officer at Seiyu.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.