Seven & i President Regrets 24-Hour Service Row

Economy

Tokyo, May 23 (Jiji Press)--Seven & i Holdings Co. <3382> President Ryuichi Isaka said Thursday that he regrets a recent dispute between its convenience store unit Seven-Eleven Japan Co. and one of its franchise stores over demands for round-the-clock operations.

At a regular general shareholders meeting, Isaka apologized for the row, which shed a negative light on the group's brand image and business model and sent the parent company's stock price falling by about 30 pct.

"It's a very inexcusable situation, and as the head of management I regret (the incident)," the president said in the meeting, held at the Seven & i head office in Tokyo.

Isaka said he plans to strengthen support for franchise stores by tightening requirements for opening new stores and investing in labor-saving methods.

Shareholders called on Sven & i to boost communication between franchisees and headquarters to avoid clashes.

[Copyright The Jiji Press, Ltd.]

Jiji Press