Supermarket chain Seiyu Ltd. said Friday it will slash some 1,600 jobs, or about one-fifth of its total full-time workforce, by March 1.

Sales at Seiyu, 37.8 percent of which is owned by Wal-Mart Stores Inc., have been flagging for a number of years.

"It's very painful for those who are leaving, but as management, I think there would be more criticism that our move came too late," remarked Masao Kiuchi, president and chief executive officer at Seiyu.