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Wal-Mart Stores, Inc. has said it will buy the rest of Japanese chain Seiyu to in an effort to turn around the money-losing supermarket operator.
Seiyu, Japan's fifth-biggest retailer by sales, said shareholders approved the move at a meeting yesterday. The vote allows Wal-Mart to buy the remaining 4 percent of Seiyu it doesn't already own.
Wal-Mart has been gradually raising its stake in Seiyu since entering the Japanese market in 2002.
However, Seiyu has struggled in the intensely competitive Japanese marketplace and hasn't made a net profit on an annual basis since then.
Seiyu has about 400 stores nationwide.