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Japanese retailer Seven & i to cut 3,000 jobs

Struggling department stores and supermarkets to close or shift to mall model

Ito-Yokado stores will be affected by Seven & i's structural changes to cope with the changing retail landscape.

TOKYO -- Seven & i Holdings will shed 3,000 staffers in its department store and supermarket operations through fiscal 2022, its largest-ever payroll cut, as competition from e-commerce and malls squeezes business outside the company's thriving convenience stores.

The parent of Seven-Eleven Japan said Thursday that full-time and contract employees at subsidiary Sogo & Seibu will be reduced by 1,300, or nearly 20%, including through attrition. The move is expected to save roughly 8.6 billion yen ($80.1 million) in labor costs.

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