JAPAN: Wal-Mart to close 23 Seiyu stores
Wal-Mart has started a restructuring programme at its Seiyu subsidiary in Japan that will see the world's largest retailer close around 23 stores in the country.
The US retail giant revealed the plans as part of its company-wide quarterly statement to the US Securities and Exchange Commission.
Wal-Mart said it would close "approximately" 23 outlets and "certain excess properties". The retailer added: "This restructuring involves incurring costs associated with lease termination obligations, asset impairment charges and employee separation benefits."
In the nine months to the end of October, Wal-Mart booked after-tax operating losses as discontinued operations of $22m.
Wal-Mart first invested in Seiyu in 2002 but Japan's fifth-biggest retailer by sales has struggled in a competitive market. Seiyu became a wholly-owned Wal-Mart subsidiary in March 2008.
The BRICs are keeping the world's economic house in order. Last week, the OECD lifted its forecast for global economic growth in 2010, on the back of growing world trade, which is being driven by surg...
- Why personalisation will take-off in US food
- General Mills sales woes continue - analysis
- Comment: Meal kits in US - don't believe the hype
- US food next wave on display at Winter Fancy Food
- Column: Kraft Heinz, Unilever and sustainability
- Unilever 'lining up spreads sale'
- UK own-label firm Park Cakes sold in MBO
- Immigration crackdown "risk" for US dairy industry
- BRF plant suspended amid bribery allegations
- Fonterra cuts earnings forecast