Seven & i to Launch Intermediate Holding Company

Tokyo, Oct. 10 (Jiji Press)--Major Japanese retail group Seven & i Holdings Co. said Thursday that it will establish an intermediate holding company on Friday to manage operations other than its mainstay 7-Eleven convenience store business.

Along with the move, the company said it will change its name, tentatively to 7-Eleven Corp., next year.

Seven & i is apparently seeking to fend off a takeover bid from Canadian convenience store operator Alimentation Couche-Tard Inc. by separating its non-convenience store operations to raise its corporate value.

The intermediate holding company, York Holdings Co., will oversee supermarket operator Ito-Yokado Co., variety store operator The Loft Co., baby goods retailer Akachan Honpo Co., Seven & i Food Systems Co., which operates restaurant chains including Denny's, and other units.

Seven & i will fully own York Holdings for the time being, but it aims to make the new company an equity method affiliate in the fiscal year through February 2026 by inviting investments, including from the group's founding family.

[Copyright The Jiji Press, Ltd.]