Seven & i Holdings Co.’s stock rose the most in more than two years after the Japanese retailer said it will close 1,000 unprofitable 7-Elevens and eliminate 3,000 jobs from its other units as it continues a structural reform.
The convenience chain said it will implement new policies for its franchisees, such as reducing monthly fees. Additionally, it will close five Seibu and Sogo department stores, and is considering shuttering 33 Ito-Yokado general-merchandise shops.