Japanese retailer Seven & i Holdings Co. is selling department store chain Sogo & Seibu to a U.S. investment fund. The transfer to Fortress Investment Group will be completed Friday, according to Seven & i Holdings. The decision came at a board of directors meeting. The proposed sales price is $1.5 billion, but the final […]
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Japan’s Sogo & Seibu department stores are being sold to a U.S. fund
Japanese retailer Seven & i Holdings Co. is selling department store chain Sogo & Seibu to a U.S. investment fund. The transfer to Fortress Investment Group will be completed Friday, according to Seven & i Holdings. The decision came at a board of directors meeting. The proposed sales price is $1.5 billion, but the final price won’t be decided until Friday. Prior to the announcement, some 900 striking employees were marching and handing out leaflets near the main Seibu department store in Tokyo. Disorderly strikes and protests are rare in Japan, and the strikers apologized on Japanese news programs for any inconvenience.