Seven & I Weighs IPO of Superstore Business
By Kosaku Narioka
Seven & i Holdings is considering an initial public offering for its superstore business, as part of efforts to focus on its convenience store business.
The Japanese owner of 7-Eleven and other retail stores said Wednesday that it would consider listing of its superstore business as soon as reasonably practicable. It said it would retain a stake in the business which would continue to collaborate with its convenience store business to develop food products.
Seven & i has been restructuring to drive growth of its convenience-store business. It sold its Sogo & Seibu department-store business to Fortress Investment Group last year.
The company said in January that it would acquire most of Sunoco's convenience store and gasoline retail businesses for $950 million in a bid to pursue growth in the North American market.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
April 10, 2024 03:09 ET (07:09 GMT)
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