Seven & I Holdings Co. said Wednesday it plans to close the Seibu Yurakucho department store in the Yurakucho district of downtown Tokyo on Dec. 25.
The decision was made as the store, opened in 1984 and run by the holding company's Sogo & Seibu Co. unit, is unlikely to move back into the black due to stagnant consumer spending, high rent and other costs associated with the store's prime location adjacent to the posh Ginza district.
The store's sales for the current business year ending in February are estimated at around ¥14 billion, about half that of fiscal 1992, when the sales reached a record high.
Of some 150 workers at the store, 59 regular employees will be retained through transfers, but the rest of the staff will be let go after the store is shuttered.