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 [...]
SEOUL, March 27 (Korea Bizwire) — Companies hit by the coronavirus look set to restructure their businesses and reduce their workforces if the outbreak of the respiratory illness extends beyond the second quarter, analysts said Friday. The COVID-19 virus, which first emerged in China late last year and has claimed more than 24,000 lives and [...]
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 [...]
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, [...]
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 [...]
SEOUL, Aug. 26 (Korea Bizwire) — Renault Samsung Motors Corp. said Monday job reductions may be one of the options to tackle with declining production volumes at its sole local plant and a prolonged slump. In a meeting with the union last week, the company said it will be difficult to maintain the current workforce [...]
SEOUL, Apr. 26 (Korea Bizwire) — Coupang Inc., a South Korean shopping portal, has transitioned into a tripartite leadership structure after recruiting a restructuring specialist as head of the human resources department, leading many to anticipate major restructuring of the company recently stricken with massive losses. Coupang was previously led by a single representative structure [...]
SEOUL, Dec. 5 (Korea Bizwire) — Local builders are resorting to early retirement plans and large-scale manpower reshuffles to weather a possible industry-wide slump going forward, people in the sector said Wednesday. Samsung C&T has been carrying out staff restructuring over the past two years and recently opened an early retirement package to employees who [...]
SEOUL, Nov. 15 (Korea Bizwire) — Retail sales and industrial output in restructuring-hit regions remained in a slump in the third quarter, government data showed Thursday. According to the data compiled by Statistics Korea, retail sales in South Gyeongsang Province, North Jeolla Province and Ulsan declined 2.3 percent, 1.2 percent and 1.2 percent, respectively, in [...]
SEJONG, Aug. 29 (Korea Bizwire) — Corporate restructuring-hit regions in South Korea logged higher jobless rates, data showed on Wednesday, adding to concerns that the current employment market slump may become a long-drawn affair. According to the numbers released by Statistics Korea, the jobless rate in Geoje, home to the country’s major shipyards, including Daewoo [...]