Seven & I Holdings Co. said it will close 1,000 unprofitable 7-Elevens and eliminate 3,000 jobs from its other units as the retailer continues its structural reform and cuts back on 24-hour operations.
The convenience chain said it will implement new policies for its franchisees, such as reducing monthly fees. Additionally, it will close five Seibu and Sogo department stores, and is considering shuttering 33 Ito-Yokado general-merchandise shops.
The company’s 7-Eleven Japan business will take a ¥10 billion ($93 million) charge due to the new incentives for the franchisees, Chief Executive Officer Ryuichi Isaka said in Tokyo while announcing the company’s second-quarter results. Seven & I said a new midterm plan will be announced next April.
Seven & I, the largest convenience store operator in