Seven & I Holdings¡¯ chief executive is pressing its U.S. convenience stores business to deliver a faster turnaround as the retailer seeks a public listing of the unit to fund new investment and lift shareholder returns.
The timing of an initial public offering will depend on execution and the market, said Stephen Dacus, who became CEO six months ago. ¡°How long that takes depends on actual performance, which is unpredictable. It¡¯s a fact that we haven¡¯t yet fully realized 7-Eleven¡¯s potential, and that its performance is still insufficient,¡± he said, referring to the company¡¯s U.S. operations.
Seven & I, which took the American convenience store concept and turned it into a global retailing empire, has been revamping itself by selling its Japan-based supermarket and specialty store operations, installing new leadership and seeking a partial sale of the U.S. unit. Those efforts accelerated after Alimentation Couche-Tard made a ?6.77 trillion ($43 billion) takeover proposal last year.
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