[1/2] Union workers of Sogo & Seibu hold banners which read 'on strike' in front of the company's flagship Seibu Ikebukuro store in Tokyo, Japan August 31, 2023.
In a statement, Fortress said it would work with Seven & i to support Sogo & Seibu's management to maintain its workforce "to the extent possible."
It plans to invest more than 20 billion yen with partner Yodobashi to renovate Sogo & Seibu's stores, it said.
Sogo & Seibu's workers had the support of labour groups from rival department stores including Takashimaya and Isetan Mitsukoshi (3099.T).
The Seibu Ikebukuro store is Japan's third-largest department store by sales, according to media reports, but its owner Sogo & Seibu has been in the red for the last four years.
Persons:
Irene Wang, Fortress, Yodobashi, it's, Yasuhiro Teraoka, Isetan Mitsukoshi, Wakana Shuto, Stephen Givens, Ritsuko Shimizu, Mariko Katsumura, Kaori Kaneko, Rocky Swift, Chang, Ran Kim, Edwina Gibbs, Stephen Coates, Miral
Organizations:
Union, Sogo, Seibu, company's, REUTERS, Workers, Fortress Investment Group, Yodobashi Holdings, Rikkyo, Japan Inc, Thomson, & & '
Locations:
Tokyo, Japan, U.S, TOKYO, Ikebukuro, Sogo, Seibu Ikebukuro