Seven & i Mulling Postponing Sogo & Seibu Sale Again
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.
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