Lucio Co quits the convenience store business
Retail magnate Lucio Co is quitting the convenience store business only three years after venturing into it.
In a regulatory filing, Co, who owns the supermarket chain Puregold Price Club Inc., formally announced that he already divested from the Japanese convenient store chain Lawson.
To be specific, Puregold had signed an agreement to sell its 70 percent stake in PG Lawson to its Japanese partner Lawson Inc.
“[The divestment] will enable Puregold to rebalance its risks portfolio in the grocery retail sector and focus its resources in the further development and strengthening of the Puregold brand,” the company told the stock exchange.
As of now, the operations of Lawson only accounts for less than 10 percent of Puregold’s entire portfolio.