Seven & i Holdings, the parent company of 7-Eleven convenience stores, has named a new CEO, Stephen Dacus, who will succeed Ryuichi Isaka in May. The move comes as the company faces a takeover bid from Canada’s Alimentation Couche-Tard and seeks to strengthen its US operations.
As part of its restructuring plans, Seven & i will sell $5.4 billion worth of non-convenience store assets, including supermarkets and retail stores, to Bain Capital by September. The company also aims to raise billions through an initial public offering (IPO) of shares in its North American 7-Eleven operations, expected to take place by the end of 2026.
The IPO proceeds will be used to fund share buybacks, with Dacus stating that the restructuring efforts aim to create value for shareholders and enhance customer experiences worldwide. The company’s decision not to accept Alimentation Couche-Tard’s takeover bid reflects concerns over undervaluing the convenience store business and addressing US regulatory issues.
Seven & i operates over 13,000 stores in the US and Canada, with a significant presence in Japan where its 7-Elevens offer a variety of food options. The company plans to streamline operations and strengthen its US market share as part of its restructuring efforts.
Source: https://apnews.com/article/japan-seven-711-bain-retail-6788e712d917854868e34378460a683a