FamilyMart Uny to Pull Out of Overseas Supermarket Biz

May 25, 2018

Tokyo- Japanese retail group FamilyMart Uny Holdings Co. said Thursday that it will withdraw from general merchandise store operations overseas.

The firm also announced a decision to pull the plug on its apparel specialty store operations in Japan.

The group will sell out its equity stakes in its subsidiaries running the businesses later this month, for the estimated amount of billions of yen in total. FamilyMart Uny did not disclose the value of the deals.

The proceeds will be used mainly to renovate the group's domestic supermarkets, which are facing fiercer competition, as FamilyMart Uny is speeding up structural reforms of its general merchandise store operations at home.

FamilyMart Uny will sell Uny (HK) Co., which operates four supermarkets in Hong Kong, to a major local real estate developer.

It will sell women's clothing retailer Molie Co., based in Inazawa, Aichi Prefecture, central Japan, to gf.A Co., a Tokyo-based company that designs and manufactures women's apparel. Jiji Press