Japan Post may close or sell 11 of its “kampo” inn and leisure facilities by the end of fiscal 2005 because they are losing money, sources said Friday.
The 11 are among the 65 leisure accommodation facilities nationwide run by the public postal corporation. Their losses are being covered by premiums meant to support “kampo,” the postal life insurance scheme.
For fiscal 2005 to next March 31, Japan Post plans to close facilities whose revenues fall below 90 percent of their fiscal 2004 expenditures.
Japan Post owns 95 welfare facilities as part of its postal life insurance services.
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