Seibu Department Stores Ltd. plans to cut some 800 jobs, or about 15 percent of its full-time workforce of 5,300, by the end of March, company officials said Friday.

The cuts, aimed at slashing fixed costs, will be made through attrition and an early retirement program targeting 400 workers between the ages of 35 and 58.

The company will invite applications for the early retirement program in July, and applicants will leave the company in mid-September, they said.

Seibu also plans to close or restructure an additional one or two outlets on top of five to be closed or restructured by the end of this year, they said.

Seibu fell into the red in the year ended Feb. 28, with a net loss of 10.7 billion yen due to hefty losses from the liquidation of a real estate company in the Seibu group.

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.