FamilyMart Uny Holdings Mulling Sale of All Shares in Uny

October 11, 2018

Tokyo- Major Japanese retail group FamilyMart Uny Holdings Co. is considering selling all of its remaining shares in Uny Co. to Don Quijote Holdings Co., informed sources said Wednesday.

By separating the sluggish supermarket business, FamilyMart Uny hopes to concentrate on its mainstay convenience store operations, the sources said.

FamilyMart Uny will sell its 60 pct equity stake in the supermarket unit, based in the central Japan city of Nagoya, to Don Quijote to make it a wholly owned subsidiary of the discount store operator.

FamilyMart Uny is also considering making an investment in Don Quijote.

In August last year, FamilyMart Uny and Don Quijote agreed to form a capital and business alliance.

FamilyMart Uny sold a 40 pct stake in Uny and changed some of its supermarkets to new stores that incorporate know-how of Don Quijote.

Uny has six such stores. With brisk sales posted at the stores, up to 20 more Uny outlets are set to go through similar conversion next year.

FamilyMart Uny and Don Quijote said they are considering ways to boost their cooperation.

In August this year, trading house Itochu Corp., which is strengthening its convenience store business, raised its stake in FamilyMart Uny to 50.1 pct from 41.5 pct through a tender offer. Jiji Press