7-Eleven's Parent Looks To Expand North American Business
7-Eleven’s parent company, Seven & I Holdings, says it will expand the profitable convenience-store business across North America while continuing to look for acquisition opportunities.
The announcement comes after repeated pushes by activist investor Daniel Loeb of hedge fund Third Point. The firm also plans to cut losses and rid itself of unprofitable businesses it holds in Japan, which largely include department stores, the Wall Street Journal reports.
“We will speed up expansion in North America by accelerating acquisitions,” says Seven & I president Ryuichi Isaka. The firm hopes to increase its North American store count from 8,900 to 10,000 by fiscal 2019. [WSJ]