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March 18, 2019, 4:25 p.m. EDT

United States : Walmart Japan's new CEO: Seiyu 'absolutely' not for sale

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Mar 18, 2019 (Euclid Infotech Ltd via COMTEX) -- The newly appointed chief executive of Walmart Inc's Japanese supermarket chain Seiyu on Monday denied the business was up for sale, following reports last year that the US retail giant was looking for a buyer.

"I'm not here to sell a business," Lionel Desclee told reporters in Tokyo in his first public remarks since his appointment on Friday. "Absolutely not at all."

Japanese media reported last year that Walmart considered selling Seiyu, and that a sale could amount to around 300 billion to 500 billion yen (S$3.64 billion to S$6.06 billion).

Desclee, who has worked for European food retailer Delhaize Group and was previously CEO of pet shop chain Tom & Co, said he was too new in the job to discuss strategy but was sure that a sale was not in the works.

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