Seven & I Holdings has detailed plans to rebrand itself and divest dozens of non-core businesses, accelerating restructuring efforts as it tries to fend off a buyout proposal from Alimentation Couche-Tard.
The Japanese retailer, which said its new tentative name 7-Eleven Corp. will be, also cut its operating profit outlook for the 12 months through the end of February to ยฅ403 billion ($2.7 billion) due to weaker sales in convenience stores and spending on new initiatives. That compares with the previous forecast of ยฅ545 billion and the average analyst projection of ยฅ524 billion.
The changes, announced alongside quarterly results, underscore CEO Ryuichi Isaka’s efforts to restructure the company in the face of an unsolicited 7 trillion yen takeover proposal from Couche-Tard, the Canadian operator of Circle-K stores.
