Seven & i Mulling Postponing Sogo & Seibu Sale Again

Jiji Press

17:09 JST, March 30, 2023

TOKYO (Jiji Press) — Japanese retailer Seven & i Holdings Co. is considering postponing the sale of department store unit Sogo & Seibu Co. at least until April, people familiar with the matter said Wednesday.

On Jan. 24, Seven & i put off the sale to U.S. fund Fortress Investment Group LLC from the originally scheduled date of Feb. 1 to March.

The postponement was due to local opposition to a plan to open an outlet of home electronics retailer Yodobashi Camera Co. in Sogo & Seibu’s flagship Seibu Ikebukuro store in Tokyo after the transaction.

The dispute over the plan drags on, the people said.

Seven & I last November announced a decision to sell Sogo & Seibu to Fortress for about ¥200 billion.