Apparel giant Sanyo Shokai 4th consecutive closing deficit to close up to 150 stores April 14th 19:30
“Sanyo Shokai”, a major apparel company, announced on the 14th that the final profit and loss was in the red for the fourth consecutive term, and it decided to close up to 150 unprofitable stores.
As for Sanyo Shokai, the financial results for the fiscal year ended in February were in the red with sales of 68.8 billion yen and final loss of 2.6 billion yen. The final deficit is the fourth consecutive year.
This was because sales of winter clothing such as coats remained sluggish in the warm winter, and sales fell due to the spread of new coronavirus infection. Sanyo Shokai has announced that it will close up to 150 unprofitable stores during the current fiscal year in preparation for rebuilding its management.
In addition, he decided to renew the management team, and Masayuki Nakayama, who took office as president in January this year, retired as vice president, and from sportswear maker "Goldwin", Shinji Oe, who joined the company in March this year. Announced the personnel appointment to be promoted to president.
At a press conference, President Nakayama said, "Because of the unprecedented emergency of spreading the new coronavirus infection, we thought it necessary to incorporate an external perspective into our management."
Meanwhile, a major shareholder, an American investment fund, RMB Capital, announced at a general meeting of shareholders next month that it would propose a shareholder proposal that would make most of its management personnel external. I decided on a new policy. I would like to explain it carefully so that the company's ideas can be understood. "