Yodobashi to Buy Land of Seibu Ikebukuro Department Store

Jiji Press

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.