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Tokyo-based Radia Holdings Inc. said it would reduce internal staff by 20% as part of a business restructuring and lowered its estimated revenue for its fiscal year ending June 30, 2009.
The company, which provides staffing and other services, said revenue for the current fiscal year is now expected to be 347.0 billion yen (US$3.39 billion), down from a previous estimate of 380.0 billion yen (US$3.71 billion). Radia cited a downturn in the economy and the downscaling of Japanese manufacturers.
Radia also plans to cut its internal staff by 1,120 through voluntary retirement. The company had total internal staff of 5,565 as of Sept. 1. The company also plans to consolidate several of its staffing subsidiaries, and says it plans for 80% of its Japanese revenue to come from research and development staffing by 2010.
Radia is the new name adopted this month by the Goodwill Group Inc. The company had also named Charles Abadie as chairman as part of its restructuring. Abadie was previously president and CEO of Boca Raton FL-based Tandem Staffing.
This year, the company also closed its Goodwill Inc. temporary staffing subsidiary, which supplied day laborers in Japan. Earlier this year, operations at 737 of its staffing offices were temporarily suspended by the Japanese government over alleged violations of Japanese labor law.