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Ltd. said Friday it posted a group net loss of 2.34 billion yen for the business year through December, sinking into the red for the first time in nearly three decades under the heavy cost of store closures.

The firm also said outlet openings will be reduced to 75 from 117 in 2002, leading to the first-ever net decrease of outlets since the chain debuted in Tokyo’s Ginza district in July 1971.

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