Avex Sells Its Headquarters and Has Over 100 Employees Voluntarily Retire

Avex has spent much of this year in dire straights due to the COVID-19 pandemic preventing its acts from holding live events, causing the company to lose money. The company has plans to stop this loss, plans which it has began to implement.

On December 24, Avex announced that it has agreed to sell its headquarters in Tokyo, one of the previously planned measures. The book value of the building is ¥42.9 billion, with Avex set to gain ¥29 billion upon the sale. Upon the sale of the building, Avex will lease back space in it. The signing of the contract for the building’s sale will be held on December 28. The sale will be complete on March 26.

Avex recently addressed reports of it selling its headquarters, saying on its official site that the company had made no such remarks. Avex did admit however that it was undergoing structural reforms and that the sale of its headquarters was considered, but not a confirmed possibility.

It was also reported recently that Avex was looking for about 100 employees age 40 and over to voluntarily retire, in an effort to save the company money. This mission was a success, with 103 employees taking Avex up on its offer. Expenses related to these retirements, such as severance packages, are expected to cost the company about ¥1.3 billion.

There is no word on any of the acts on the Avex roster being dropped at this time, as was reported recently. However, moumoon did leave the company a few weeks ago.