OREANDA-NEWS. AUTOBACS SEVEN Co., Ltd. announces transfer of store ownership of one store of its consolidated subsidiary, AUTOBACS Kanagawa Ltd. to FUNUS Corporation ("FUNUS"), a member corporation of the AUTOBACS franchise chain.

The company also announces transfer of all shares held by AUTOBACS SEVEN in its consolidated subsidiary AUTOBACS Kanagawa to I.A CORPORATION ("I.A Corp"), a member corporation of the AUTOBACS franchise chain.

Details are as follows:
1. Purpose of transfer of store ownership of a subsidiary and shares of subsidiary
As described in the AUTOBACS 2010 Medium-Term Business Plan, AUTOBACS Group is aiming to increase market share and improve store profitability by strengthening its franchise chain business in Japan. As part of the effort, the Company decided to consolidate store ownership in Tokyo area (Tokyo Pref.) and Kanagawa area (Kanagawa Pref.), to simplify the operational structure and increase area competitiveness and management efficiency.

2. Outline of transfer of store ownership of a subsidiary and shares of subsidiary
FUNUS, which is one of the Company's franchisees, is taking over the operation on AUTOBACS OHTA MAGOME Store from AUTOBACS Kanagawa effective April 28, 2014.