Wal-Mart’s Seiyu lowers forecast


20 July 2005 – Tokyo (JPN): The CEO of Wal-Mart’s Japanese division Seiyu, has resigned following the company’s announcement of an expected yearly loss due to slowing sales.

Masao Kiuchi will continue with the company as a board member but will be replaced as CEO by Seiyu chairman Noriyuki Watanabe.

Seiyu lowered its forecast to a loss of $66.5 million for the fiscal year ending December 2005. The company has expected to break even over the period.