Yodobashi to Buy Land of Seibu Ikebukuro Department Store
12:27 JST, September 1, 2023
Tokyo (Jiji Press)—Japanese electronics retailer Yodobashi Holdings Co. plans to buy the land of department store chain Sogo & Seibu Co.’s Seibu Ikebukuro store in Tokyo for some ¥300 billion, people familiar with the matter said Thursday.
Yodobashi will purchase the land from U.S. private equity firm Fortress Investment Group LLC, which is scheduled to acquire Sogo & Seibu from Japanese retailer Seven & i Holdings Co. on Friday, the people said.
The land deal will help reinforce the involvement of Yodobashi, which plans to open outlets at some Sogo & Seibu department stores, including the Ikebukuro store, in the reconstruction of the company.
Sogo & Seibu owes about ¥300 billion in debt. The proceeds from the land sale will be used to help the company repay debt.
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