Japanese retail giant Seven & i Holdings has said it is setting up an intermediate holding company for its non-convenience store operations.
The move is part of its restructuring plans, and comes amid a buyout offer from a major Canadian convenience store operator.
Seven & i said the new entity named York Holdings will be established on Friday. It is expected to include group affiliates such as supermarket operator Ito-Yokado, household goods retailor Loft, and baby goods specialty chain Akachan Honpo.
Seven & i plans to sell some of the shares in the intermediate company to select partners.
The retail giant also said it will change its name to 7-Eleven Corporation. It aims to concentrate on its mainstay convenience store operations while rebuilding its supermarket business.
Seven & i Holdings’ President Isaka Ryuichi said, “We will speed up efforts to implement measures and work toward improving our business performance and value for our corporation and shareholders.”
Canada’s Alimentation Couche-Tard is making an offer to buy Seven & i. The latest proposal is said to be about 47 billion dollars, 20 percent higher than the previous bid.