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Walmart says it has not made a decision to sell Seiyu.
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Trade of Seiyu's shares was suspended by the Tokyo Stock Exchange on Monday, following reports of the buyout.
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Walmart-Rakuten will open a warehouse to service these orders in addition to using Seiyu stores, the companies said.
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The purchase of part or all of Walmart's Seiyu chain would mark a dramatic acceleration of that expansion.
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In addition to its human resources, Seiyu has many locations that you cannot get your hands on, said Ohara.
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Shares of Seiyu have lost three-quarters of their value since the end of 2002, the year when Wal-Mart first bought into the supermarket.
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But Seiyu and bigger rival Aeon Co 8267.T expect change ahead due to growing numbers of working women, and advancements in technology and logistics networks.
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Judith McKenna, CEO of Walmart International, was also quoted in the statement as supporting a potential public listing of Seiyu with Walmart retaining majority ownership.
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It took a minority stake in Japan's Seiyu earlier in the decade and gradually increased that, eventually making the Japanese company a wholly owned unit.
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Wal-Mart has 371 Seiyu stores and 43 Wakana deli outlets in Japan, of which 24 were affected by the disaster.
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Last month, Seiyu said it would offer early retirement to 450 of its employees, or about 7 percent of its work force.
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Walmart has struggled to replicate the success of its low-price model with Seiyu despite the introduction of an "everyday low price" pledge and frequent discounting.
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Seiyu denied the business was up for sale.
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Seiyu said it could not immediately comment.
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Seiyu, with more than 300 stores, would be a large asset for a Japanese retailer to absorb.