Clothing Manufacturer Set To Axe 400 Jobs

Japanese clothing manufacturer Renown Inc said on Friday it aims to cut 27 per cent of its workforce - or 400 jobs - through an early retirement scheme.

The company said it would be taking applications from its workforce of 1,505 for the early retirement plan in December, and that the cuts would take effect at the end of January.

Also on Friday, Renown said it now expects a larger group net loss of eight billion yen ($66.64 million) for the year ending next January, compared with a previous forecast of a 2.4bn yen loss