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    Wal-Mart to Buy Rest of Japanese Chain Seiyu

    A shareholder vote will allow Wal-Mart to buy the remaining 4 percent of Seiyu it doesn't already own.

    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.

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