Seven & i Holdings, a major distributor, has officially announced that it is considering selling its shares in Sogo & Seibu, a department store under its umbrella, which continues to be sluggish.
Seven & i announced the future management policy on the 7th.
Among these, as part of structural reforms, we are proceeding with concrete studies toward the sale of shares of Sogo & Seibu, which continues to be sluggish, and at the supermarket “Ito-Yokado” under its umbrella, by the end of February next year 2 After closing the store, it officially announced that it would reduce the number of employees by about 300.
On top of that, the company plans to expand its store network of convenience stores to 30 countries and regions around the world by 2030, with the overseas convenience store business as the driving force for growth, mainly in North America.
Furthermore, regarding the management system, it was revealed that a majority of the 14 directors, eight, will be appointed from outside the company, saying, “Improving the diversity of the board of directors.”
Regarding Seven & i, the US investment fund, which is a major shareholder, is demanding that management resources be concentrated on the main convenience store business due to low profitability, etc., and the company has a structure that takes into consideration the voices of such shareholders. It is a form that has set out an attitude to accelerate reforms.
President Isaka denies the sale of Ito-Yokado
On the other hand, regarding the supermarket Ito-Yokado, which has been proposed by some shareholders to be sold, “I am convinced that having a supermarket and a convenience store in the same group will lead to the growth of the company. “, And denied the sale.