News

Wal-Mart’s Japan Unit Cuts Jobs, Sees Bigger Loss

BY CSA STAFF

Tokyo, Wal-Mart Stores Inc.’s Japanese unit, Seiyu Ltd, boosted its annual loss forecast by 76% due to a charge to cut about 7% of its work force as it battles sluggish sales, according to a Reuters report.

Wal-Mart has invested more than $1 billion in the 393-store Japanese supermarket chain since 2002, but has yet to see anything more than temporary upswings in sales amid tough competition with rivals such as Aeon Co., the report said.

Seiyu is headed for its sixth straight annual loss in 2007, giving rise to speculation that Wal-Mart may consider withdrawing from Japan, the world’s second-largest retail market, as it did from South Korea and Germany last year.

Seiyu, which is 53.6% owned by Wal-Mart, said it would offer early retirement for 450 employees out of a group work force of about 6,500. The program mainly targets headquarters staff and there are currently no plans for shop closures, Seiyu said.

Seiyu, which eliminated about 1,600 jobs in 2004, said this would be the last time it needed to carry out big job cuts.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
News

OfficeMax names Sam Martin new evp and coo

BY CSA STAFF

OfficeMax announced the appointment of Sam Martin to the roles of evp and coo, effective Sept. 17. Martin will be responsible for all areas of retail, contract and supply chain for the company.

Martin most recently served as senior vp of operations of Wild Oats Markets. Prior to Wild Oats, Martin served as senior vp of supply chain for ShopKo Stores Inc. after having joined the company in 2003 as vp of distribution and transportation. From 1998 to 2003, Martin was regional vp, Western region, and gm for Toys “R” Us, and before that, he served in a variety of operational roles in his 24 years with Fred Meyer Stores.

“I am extremely excited to have Sam [Martin] join our executive leadership team,” said Sam Duncan, chairman and ceo of OfficeMax. “Sam has an exemplary track record in delivering strong operating performance. We welcome his wealth of knowledge as we pursue our near- and long-term goals.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...
News

Staples adds new board members

BY CSA STAFF

Framingham, Mass. The addition of two new board members at Staples give the leading office superstore operator additional expertise in two areas important for the company’s future growth.

Joining the Staples board were Justin King, ceo of food retailer J Sainsbury plc in the United Kingdom, and Robert Sulentic, group president at real estatate developer CB Richard Elllis. The expertise of a European food retailing executive and a real estate executive who currently oversees European operations should prove useful as Staples is expected to derive much of its future growth from international operations.

King has served as ceo as J Sainsbury since 2004 and prior to that he was with Marks & Spencer and Wal-Mart’s ASDA division. Sulentic spent the majority of his career with Trammel Crow, having joining the company in 1984. He was eventually named president and ceo of the firm which was acquired by CB Richard Ellis in December 2006.

“Justin brings a wealth of retail industry knowledge and international experience and Bob brings exceptional business acumen and commercial real estate knowledge, making them great additions to our strong board of directors,” said Ron Sargent, Staples chairman and ceo.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Are you hiring seasonal employees this year?

View Results

Loading ... Loading ...