OSAKA — Major retailer Mycal Corp. plans to close some 45 struggling stores and cut about 1,500 jobs from its group workforce by introducing an early retirement program, company officials said Monday.

The company, now in a restructuring drive, is trying to reduce its interest-bearing debts by 250 billion yen by August. Total debts stood at 1.16 trillion yen as of Aug. 31.

Unable to view this article?

This could be due to a conflict with your ad-blocking or security software.

Please add japantimes.co.jp and piano.io to your list of allowed sites.

If this does not resolve the issue or you are unable to add the domains to your allowlist, please see out this support page.

We humbly apologize for the inconvenience.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.