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Wal-Mart snaps up rest of Seiyu

March 18, 2008

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Wal-Mart, which owns all except four percent of Japanese retail chain Seiyu, is purchasing the remaining shares in hopes of turning around its losing streak, CNN Money reported.

In February, Seiyu reported a net loss of $216 million for last year. Weak sales in clothing and seasonal items at the 400-store chain have resulted in a 0.9 percent fall in revenue to $9.82 billion for the year, down from about $9.92 billion a year earlier.

Wal-Mart has also performed lower than expected in the region where the “Everyday Low Price” strategy is frowned upon by Japanese consumers who equate low cost with poor quality. However, the U.S. chain, which has 3,000 international stores, is doing well in Mexico and Latin America.
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