Wal-Mart to close 30 underperforming stores in Japan, take charge

Wal-Mart said the 30 stores operate under the Seiyu brand, and the closure is part of a revamp that will include remodels and other investments. The closures represent 7 percent of Wal-Mart's 434 stores in Japan. Wal-Mart first invested in Seiyu in 2002 and took full control of the company in 2008 with the aim of employing its low-cost model to win share from entrenched rivals like Aeon Co and Seven & i Holdings Co (3382.T). Wal-Mart estimated that the closures would result in charges of about 4 cents to 5 cents of diluted earnings per share, which it will record over the next several quarters.

via Business News http://ift.tt/1wIJ2Ge