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Walmart is selling its Japanese supermarket chain Seiyu

Walmart is selling its Japanese supermarket chain Seiyu
[Photo: courtesy of Walmart]

The U.S. retail giant is unloading Seiyu, one of the major Japanese supermarket chains, reports Nikkei. Walmart is expected to get between $2.7 billion and $4.5 billion for the chain, though there are no buyers yet. The company first took a stake in Seiyu back in 2002, and in 2008 it bought the Japanese supermarket chain outright. However, sales have been tough amid growing competition in recent years, so Walmart is looking for an out. Nikkei says the company would rather divert its resources to online shopping so it can better take on Amazon across the globe.

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