Seven & i to list supermarket unit Ito-Yokado, Kyodo reports
Reuters
Published Apr 09, 2024 06:00AM ET
Updated Apr 09, 2024 11:00AM ET
TOKYO (Reuters) -Japan's Seven & i Holdings plans to list its supermarket unit Ito-Yokado, Kyodo news agency reported on Tuesday, citing unidentified sources.
The retail conglomerate aims to focus on its mainstay 7-Eleven convenience store operation by having the supermarket business listed, Kyodo said.
Seven & i will likely announce its plan to list Ito-Yokado, a major general merchandise store chain, on Wednesday, when it is set to announce its financial results, Kyodo said.
Asked about the Kyodo report, a company spokesperson said nothing had been decided at this point.
Business daily Nikkei reported later on Tuesday that Seven & i was looking to set up a new intermediate holding company for general merchandising chains including Ito-Yokado as early as in 2026.
Seven & i is considering courting external investors for the new company, or potentially taking it public, to turn its superstore business profitable by the fiscal year ending February 2026, Nikkei said.
Ito-Yokado, which is struggling to compete with specialty outlets and discount stores, announced in February that it would withdraw from Japan's major northern island of Hokkaido and some other regions.
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