Yuchengco-led House of Investments (HI) is shutting down five car dealership units in Metro Manila – four Honda and one Isuzu outlets – effective June 2 this year as part of measures to ensure “overall greater efficiency” in its automotive business.
In a disclosure to the Philippine Stock Exchange on Monday, HI said it had decided to close Honda Fairview, Honda Marikina, Honda Marco Highway, Honda Kalookan and Isuzu Greenhills.
In relation with the dealership streamlining, HI said it would implement a redundancy program on its workforce.
The decision to close these dealerships was made following a “careful and thorough assessment of its car business organization, dealerships and the needed manpower, machines and processes,” the disclosure said.
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