Japanese Retail Group Seven & I Surge More Than 5% Following Job Cut Announcement

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Investing.com – Japan-listed Seven & i Holdings Co., Ltd. (T:) traded higher on Friday in Asia after the company announced that it will close nearly 1,000 7-Eleven convenience stores and cut around 3,000 jobs over the next few years.

Seven & I reiterated its forecast of a rise in annual operating profit to 420 billion yen ($3.89 billion), according to a company statement.

Shares of the company traded as much as 5.9% earlier in the day following the release of the filing.

However, there were some concerns on Seven & I’s margin going forward, as the company said it is lowering franchise fees at its convenience stores and offer owners more assistance to keep them open 24 hours.

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