Japanese online retailer Rakuten to shut up shops in Britain, Spain, Austria

Japan's e-commerce behemoth Rakuten Inc. will close its online stores in Britain, Spain and Austria by the end of August, the company said Wednesday.

Rakuten said it will continue to offer its e-services in its growth markets of Germany and France, but through its consolidation plans will axe around 100 employees from the three countries where it will cease operations.

This year, amid increasing global competition in the e-commerce business, Rakuten also pulled out of markets in both Malaysia and Indonesia this spring.

Regarding its European maneuvers, Rakuten said that while certain operations will continue in Europe, such as its streaming video, messaging services and sales of e-books, the growth potential in Britain, Spain and Austria and costs involved, in comparison to the size of the business were inordinate.

(APD)