Masatoshi Ito, the Japanese man behind the hugely successful 7-Eleven convenience store chain has died aged 98. As per a BBC report, the Japanese billionaire helped turn the store chain into a global business empire. Ito as per operator Seven &amp; I Holdings died last Friday (March 10) due to old age. “We would like to express our deepest gratitude for your kindness and friendship during his life and respectfully inform you of his passing," said the firm.

Seven &amp; I Holdings today operates over 83,000 stores globally. A quarter of these stores are located in Japan.

Ito is credited with changing the face of retail in Japan. He took over a small apparel store business run by his uncle and half-brother. Over the years, he turned it into an international brand that sells everything from yoghurt and cereal to clothes and medicine.

In 1956 he took over the store, after renaming it Ito-Yokado, a range of stores that sold a wide range of goods. The company went public in 1972.&nbsp;Ito-Yokado was subsequently, in 2005, renamed to Seven &amp; I Holdings.&nbsp;

As per BBC, around the same time, while visiting the USA, an Ito-Yokado, Toshifumi Suzuki, spotted a 7-Eleven store. Soon after, the company forged a deal with 7-Eleven, a US-based Southland Corporation at the time. In 1974, Japan got its first 7-Eleven store.&nbsp;

The year 1992 saw Ito resigning from his position at Ito-Yokado over alleged illegal payments made by three executives to yakuza gangsters to keep order at a shareholders' meeting.

(With inputs from agencies)

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Masatoshi Ito, the Japanese man behind the hugely successful 7-Eleven convenience store chain has died aged 98. As per a BBC report, the Japanese billionaire helped turn the store chain into a global business empire.

Masatoshi Ito, the Japanese man behind the hugely successful 7-Eleven convenience store chain has died aged 98. As per a BBC report, the Japanese billionaire helped turn the store chain into a global business empire. Ito as per operator Seven & I Holdings died last Friday (March 10) due to old age. “We would like to express our deepest gratitude for your kindness and friendship during his life and respectfully inform you of his passing," said the firm. Seven & I Holdings today operates over 83,000 stores globally. A quarter of these stores are located in Japan. Ito is credited with changing the face of retail in Japan. He took over a small apparel store business run by his uncle and half-brother. Over the years, he turned it into an international brand that sells everything from yoghurt and cereal to clothes and medicine. In 1956 he took over the store, after renaming it Ito-Yokado, a range of stores that sold a wide range of goods. The company went public in 1972. Ito-Yokado was subsequently, in 2005, renamed to Seven & I Holdings. As per BBC, around the same time, while visiting the USA, an Ito-Yokado, Toshifumi Suzuki, spotted a 7-Eleven store. Soon after, the company forged a deal with 7-Eleven, a US-based Southland Corporation at the time. In 1974, Japan got its first 7-Eleven store. The year 1992 saw Ito resigning from his position at Ito-Yokado over alleged illegal payments made by three executives to yakuza gangsters to keep order at a shareholders' meeting. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Obituary | Masatoshi Ito, the Japanese man behind global success of 7-Eleven dies aged 98

The Lok Sabha was adjourned till 18 December, after obituary references by Chairman M Venkaiah Naidu.

Prime Minister Narendra Modi introduced the new Cabinet, following obituary references in both Houses.

The Winter Session of the parliament began today morning.&nbsp;

Earlier Prime Minister Narendra Modi hoped that the country would benefit and democracy will be strengthened from the session.

&#39;&#39;I have faith and all-party meeting yesterday shared the same idea that this Parliament session should be held with the positive approach to move the country forward. I also hope that country will be benefited and the democracy will be strengthened from the session,&#39;&#39; PM Modi said ahead of winter session

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<a href="https://twitter.com/hashtag/WinterSession?src=hash&amp;ref_src=twsrc%5Etfw">#WinterSession</a> of Parliament begins: Obituary references being made in the Rajya Sabha, by Chairman M Venkaiah Naidu <a href="https://t.co/nO0xCVIfNP">pic.twitter.com/nO0xCVIfNP</a>
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&#39;&#39;Generally, winter starts with Diwali. But due to global warming winter has not come in full force. But winter session has started now and I hope that country would be benefited from fruitful 2017-2018 winter session in Parliament,&#39;&#39; Modis&nbsp;said and added that he hoped for positive and innovative arguments.&nbsp;

Opposition leader Mallikarjun Kharge was in favour of constructive suggestion and appealed the ruling party to respect the opposition.&nbsp;

&#39;&#39;We are always in favour of constructive suggestion, we are very much interested to run Parliament &amp; issues to be discussed, provided the Govt should take interest and create such an atmosphere which is conducive for discussion. They should respect the opposition,&#39;&#39; he said.&nbsp;

Earlier Prime Minister Narendra Modi hoped that the country would be benefited and democracy will be strengthened from the session.

The Lok Sabha was adjourned till 18 December, after obituary references by Chairman M Venkaiah Naidu. Prime Minister Narendra Modi introduced the new Cabinet, following obituary references in both Houses. The Winter Session of the parliament began today morning. Earlier Prime Minister Narendra Modi hoped that the country would benefit and democracy will be strengthened from the session. ''I have faith and all-party meeting yesterday shared the same idea that this Parliament session should be held with the positive approach to move the country forward. I also hope that country will be benefited and the democracy will be strengthened from the session,'' PM Modi said ahead of winter session #WinterSession of Parliament begins: Obituary references being made in the Rajya Sabha, by Chairman M Venkaiah Naidu pic.twitter.com/nO0xCVIfNP — ANI (@ANI) December 15, 2017 × ''Generally, winter starts with Diwali. But due to global warming winter has not come in full force. But winter session has started now and I hope that country would be benefited from fruitful 2017-2018 winter session in Parliament,'' Modis said and added that he hoped for positive and innovative arguments. Opposition leader Mallikarjun Kharge was in favour of constructive suggestion and appealed the ruling party to respect the opposition. ''We are always in favour of constructive suggestion, we are very much interested to run Parliament & issues to be discussed, provided the Govt should take interest and create such an atmosphere which is conducive for discussion. They should respect the opposition,'' he said.

Lok Sabha adjourned till 18 December, after obituary references

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