S/ Isaka Ryuichi, President, Seven & i Holdings / We have caused concern among all stakeholders including shareholders over the downward revision of full-year consolidated forecasts for fiscal 2024 and the proposal from Alimentation Couche-Tard.

Japanese retail giant Seven & i Holdings announced restructuring plans on October 10 amid a takeover offer from Canadian convenience store operator Alimentation Couche-Tard.

Seven & i President Isaka Ryuichi apologized for the commotion and explained that the company will change its name to 7-Eleven Corporation and place more emphasis on its convenience store business.

He said an intermediary holding company will be established to oversee the other businesses.

The new company York Holdings will handle the operation of entities such as supermarkets like Ito-Yokado, household goods store The Loft and restaurant chain Denny's.

York Holdings plans to sell part of its shares after selecting partner companies and transition into an equity-method affiliate by the end of March 2026.