Local News

Kitakyushu-based Izutsu-ya, the prominent regional department store company, is suffering from financial difficulties. As part of its restructuring plan, it will ask for about 240 employees, about 20% of its workforce, to volunteer for early retirement. In addition, 16 companies that have provided financing to the company, including its main banks, have agreed to postpone loan repayments and to extend additional credit. Finally, current President Makoto Nakamura will accept responsibility for the company’s problems by stepping down in May.