Yodobashi to Buy Land of Seibu Ikebukuro Department Store

Yomiuri Shimbun file photo
One of Yodobashi outlets in Tokyo.

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.