Fashion and apparel brands are still struggling to make ends meet with many resorting to taking credit facilities, while others have to shut shop due to the slow turn of the market.
Japanese clothing company World Co Ltd. has announced its decision to close 358 stores in the country by the end of March 2021. This decision comes as structural reforms were made necessary by the onset of the pandemic.
Along with store closures, the company has scrapped five labels in its portfolio, including Aquagirl and Ozoc, with plans to discard more if sales don’t pick up considerably.
The company will introduce a voluntary early retirement programme as part of the structural reform measures resulting in shedding of over 200 positions in the company. For this, they will be targeting employees above the age of 40, as reported by Japanese media.
A 60-year-old veteran in the industry, World Co went into private ownership in 2005. The company does not produce any clothing under its own name, but markets and owns a number of clothing brands in Japan.