Supermarket chain Ito-Yokado Co. said Wednesday it will close about 30 unprofitable outlets by February 2009 as part of its group restructuring plan.
“We are going to promote restructuring,” Toshifumi Suzuki, chairman of both Ito-Yokado and affiliated convenience store chain Seven-Eleven Japan Co., said at a news conference.
The announcement, made also with Denny’s Japan Co., a restaurant chain affiliated with Ito-Yokado, came a day before the three set up Seven & I Holdings Co. and listed it on the Tokyo Stock Exchange.
The new holding company projects 340 billion yen in group operating profit in the year to February 2009, compared with the Ito-Yokado group operating profit of 212 billion yen for the year to last February.
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