According to a report in the Nihon Keizai Shimbun on Friday (1 September), Japan’s Daiei intends to sell 39 outlets in a move expected to raise JPY80bn (US$682.1m).

As part of its efforts to rehabilitate the grocery chain, its top shareholder Marubeni will sell a portion of its stake to another retailer. Likely candidates include AEON and Wal-Mart.

Proceeds from the sale will be used to reduce debt Marubeni said, which in turn will help the company’s negotiating position.