Seven & I Seals $1.5 billion Deal to Sell Department Stores
- Sogo & Seibu labor union goes on strike at flagship store
- Deal will close Friday and see Seven & i waive some debt
A Seibu department store in Tokyo.
Photographer: Kiyoshi Ota/BloombergThis article is for subscribers only.
Seven & i Holdings Co. has finalized the sale of its Sogo & Seibu Co. department store chain amid a strike by employees at the flagship shop in central Tokyo on concerns the deal may jeopardize their jobs.
The sale to Fortress Investment Group will close on Friday at an enterprise value of about ¥220 billion ($1.5 billion), according to a Seven & i spokesperson. That’s about ¥30 billion lower than the original price tag announced in November.