Seven & I to embrace 7-Eleven name as it sheds noncore businesses

Seven & I Holdings has detailed plans to rename itself and shed dozens of noncore businesses, accelerating restructuring efforts as it tries to fend off a buyout proposal from Alimentation Couche-Tard.

The Japanese retailer, which said its new tentative name will be 7-Eleven Corp., also cut its operating profit outlook for the 12 months through the end of February to ¥403 billion ($2.7 billion) on weaker sales at convenience stores and spending on new initiatives. That compares with the prior forecast for ¥545 billion and analysts’ average projection of ¥524 billion.

The changes, announced alongside quarterly results, underscore CEO Ryuichi Isaka’s efforts to restructure the business in the face of an unsolicited ¥7 trillion takeover proposal from Couche-Tard, the Canadian operator of Circle-K stores.