JTB Corp., Japan's largest travel agency, plans to close hundreds of domestic outlets amid a global economic slump and an increasing shift in demand for Internet-based sales, company officials said Thursday.
The company, which marked its first group net loss in four years for the year that ended in March, may close up to 200, or about 20 percent, of its existing 940 or so agencies, including those run by group companies, the officials said.
Money-losing outlets near train stations are the most likely candidates for closure, they said, adding that the details would be hammered out later.
The company, which focuses primarily on arranging over-the-counter travel services, plans to retain employees from closed outlets mainly through transfers but might solicit voluntary retirements, given the number of closures.
Major domestic travel agencies are struggling.
In October, rival Kinki Nippon Tourist Co. issued a call for voluntary retirement that was answered by 192 employees, the company said.