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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
