Wal-Mart’s Japan unit will close 30 stores
NEW YORK (AP) — Wal-Mart says its Japanese unit Seiyu plans to close 30 underperforming stores.
Seiyu says the stores that are being closed are “not aligned with the company’s strategy.” It also plans to remodel about 50 stores in its next fiscal year with an emphasis on improving their fresh food and deli sections, and over the next three years it will invest more money in the grocery delivery service it offers through Seiyu.com.
Wal-Mart Stores Inc. says the store closings will cost it 4 to 5 cents per share in one-time charges spread out over the next few quarters.
At the end of its latest fiscal year, which ended Jan. 31, Wal-Mart had 374 retail stores and 64 other locations in Japan.
Wal-Mart Stores Inc. bought a stake in Seiyu GK in 2002 and acquired the full company in 2008.
Shares of the Bentonville, Arkansas, company fell 19 cents to $76.20 in afternoon trading Thursday