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LOS ANGELES — Japanese convenience retailer FamilyMart Co., Ltd. is pulling out of the United States.
The c-store operator plans to liquidate its wholly owned subsidiary Famima Corp. As a result, its eight Famima! convenience stores on the west coast will be shuttered, according to Nikkei.com.
The Tokyo-based retailer expects the impact on business performance to be minimal.
Famima was established a subsidiary in 2004 and opened its first location in the United States in July 2005. However, the company did not grow its footprint as originally planned, the news report added.
Famima Corp. will liquidate on Feb. 16. Family Mart will concentrate its management resources on expanding its store network in Asia.