Walmart Denies it is Selling Japanese Subsidiary

Rumors have it that Walmart may be wanting to sell its Japanese subsidiary, Seiyu, a chain of supermarkets and hypermarkets in the country of Japan.

It was this past July that the Nikkei business daily had reported that Walmart decided to sell Seiyu and approached major retailers and private equity funds.

In the Nikkei article, which cited no sources, it said that Walmart’s sale of Seiyu could amount to roughly $300 billion to $500 billion yen, or $2.7 billion to $4.5 billion.

Walmart has denied the reports and said to CNBC that it plans to continue business in the country, however it has already shuttered over 100 Seiyu stores in the last few years.

Disclaimer: We have no position in Walmart Inc. (NYSE: WMT) and have not been compensated for this article.