Apparel giant TSI Holdings to reduce about 300 people Corona impact September 16 19:24

TSI Holdings, a major apparel company known for brands such as "Nano Universe," has decided to withdraw from some of its sluggish brand businesses and reduce its workforce by approximately 300 people.

According to the announcement, TSI will withdraw from the two businesses of the youth brand "Fact" and "Herschel Supply", which are undertaking domestic sales, and will expand the domestic market by February next year, including stores of other brands. 122 stores will be closed in the center.

In addition, from next month, we will recruit about 300 voluntary retirement programs for employees aged 40 and over, including regular employees, to reduce the number of employees.

TSI is developing a number of fashion brands such as "Nano Universe" and "Jill Stuart", but due to the prolonged closure of stores due to the spread of the new coronavirus infection, the three months until May this year. Sales fell 49% below the same period last year, resulting in a net loss of over 10 billion yen.

In the apparel industry, many companies are being forced to rebuild their businesses due to a significant deterioration in business performance triggered by the spread of the new coronavirus infection, such as World's announcement last month that it will reduce the number of employees by 200.