restructuring Archives | Be Korea-savvy
S. Korea’s No. 2 Travel Agency Offers Voluntary Retirement Program

S. Korea’s No. 2 Travel Agency Offers Voluntary Retirement Program

SEOUL, June 27 (Korea Bizwire) — Modetour Network Inc., South Korea’s second-largest travel service provider, has offered a voluntary retirement program for the first time in the company’s history after suffering from the prolonged novel coronavirus pandemic, industry insiders said Sunday. All of the travel agency’s 990 employees will be eligible to apply for the [...]

Employees at Uniqlo Korea Anxious as CEO Email Mentions ‘Restructuring’

Employees at Uniqlo Korea Anxious as CEO Email Mentions ‘Restructuring’

SEOUL, April 8 (Korea Bizwire) — Experts are anticipating layoffs at the South Korean unit of Japanese fashion retailer Uniqlo, which has been hit hard by last year’s national boycott movement against Japanese products. Chief executive of FRL Korea, an operator of Uniqlo Korea, recently mentioned the term ‘restructuring’ in an email. The email written [...]

Retail Giants Undergoing Painful Restructuring amid Earnings Shock

Retail Giants Undergoing Painful Restructuring amid Earnings Shock

SEOUL, Feb. 20 (Korea Bizwire) — After years of a slump and dwindling profitability, South Korean retail giants have turned their eyes to the online business in the face of growing e-commerce operators that have changed the landscape of the retail industry here. Despite the retail behemoths’ heavy spending on IT infrastructure to revamp its [...]

Lotte to Sell Assets on Widened Losses; Emart Logs Weak Earnings

Lotte to Sell Assets on Widened Losses; Emart Logs Weak Earnings

SEOUL, Feb. 13 (Korea Bizwire) — Lotte Shopping Co., the operator of South Korea’s biggest department store chain, said Thursday it will sell assets after posting a loss for 2019, while the country’s largest discount store chain operator, Emart Inc., reported weaker than expected earnings as well. Lotte Shopping will sell 200, or 30 percent, [...]

Juul Pushes Ahead with Restructuring of Korean Subsidiary

Juul Pushes Ahead with Restructuring of Korean Subsidiary

SEOUL, Jan. 17 (Korea Bizwire) — U.S. e-cigarette maker Juul Labs Inc. has decided to restructure its Korean unit following its headquarters. Juul Labs Korea said Thursday, “We are looking at how best we can reorganize our operations locally in each country we are currently working in, and we are making individual adjustments to each [...]