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Japan's Seven & i says department store unit on chopping block

7-Eleven parent's operating profit up 6% on Speedway acquisition

A Seven & i Holdings shopping mall. The retailer has faced pressure from shareholder ValueAct Capital to unload struggling operations. (Photo by Kosuke Imamura)

TOKYO -- Seven & i Holdings announced Thursday that it will sell struggling department store unit Sogo & Seibu, with U.S. activist investor ValueAct Capital ramping up pressure on the Japanese retailer to shed struggling operations.

Seven & i, the parent of 7-Eleven convenience stores, reported a 6% increase in operating income to 387.6 billion yen ($3.13 billion) for the fiscal year ended Feb. 28.

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