Seven & I Holdings has detailed plans to rename itself and shed dozens of noncore 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 will be 7-Eleven Corp., also cut its operating profit outlook for the 12 months through the end of February to ¥403 billion ($2.7 billion) on weaker sales at convenience stores and spending on new initiatives. That compares with the prior forecast for ¥545 billion and analysts’ average projection of ¥524 billion.
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