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Takashimaya to End U.S. Operations to Focus on Asia; Sells New York Assets

Takashimaya Co., a Japanese department-store operator, said it plans to terminate its U.S. operations to relocate resources to faster-growing markets in Asia.

The company will sell a property on New York’s Fifth Avenue to a unit of Thor Equities LLC for $142 million and book a one- time gain of 11 billion yen this fiscal year from the sale, according to a statement to the Tokyo Stock Exchange today.

To contact the reporter on this story: Go Onomitsu in Tokyo at gonomitsu@bloomberg.net

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