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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.

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