Seiyu chain to axe 7% of worforce

TOKYO: Japanese supermarket chain Seiyu is planning to axe 450 management jobs as part of a business restructure. The Wal-Mart-owned retailer said the job cuts, equivalent to 7% of its workforce, would increase its full-year net loss from Y5.9bn (£25.2m) to Y10.4bn (£44.5m). However, it believed it could recoup most of this in savings next year.