TOKYO (Reuters) – Japanese electronics retail chain Laox Co Ltd <8202.T> said on Tuesday it was shutting down half of its 24 stores as a prolonged coronavirus outbreak keeps away tourists, a major customer base.
Laox, whose duty-free stores had been popular with Chinese shoppers looking for Japanese appliances such as rice cookers and electric toilet seats, said it was closing the 12 stores to cut costs and restore its cash flow.
The company is controlled by Chinese electronics retail giant Suning Appliance Co Ltd.
(Reporting by Ritsuko Ando; editing by Jason Neely)
