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Search resuls for: "Yodobashi Holdings"


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[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
[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. Some 900 workers at the flagship Seibu store in the bustling district of Ikebukuro are protesting the sale of Sogo & Seibu, a unit of retail giant Seven & i (3382.T), to U.S. fund Fortress Investment Group. This one-day strike - the first at a major Japanese department store in 61 years - followed months of negotiations between Sogo & Seibu management and the workers' union, and comes amid a labour shortage in Japan. Other Seibu and Sogo department stores were open for business as usual. 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, Isetan Mitsukoshi, Wakana Shuto, Stephen Givens, it's, 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
The slogan on the banner in the centre reads, 'Sogo & Seibu, strike solidarity'. This one-day strike - the first at a major Japanese department store in 61 years - followed months of negotiations between Sogo & Seibu management and the workers' union. Other Seibu and Sogo department stores were open for business as usual. "Considering the industry's difficulties, the conditions at Sogo & Seibu are not unique." Sogo & Seibu has been in the red for the last four years and has some 300 billion yen in debt.
Persons: Satomi Saito, Isetan Mitsukoshi, Daimaru, Wakana Shuto, Ritsuko Shimizu, Mariko Katsumura, Kaori Kaneko, Rocky Swift, Chang, Ran Kim, Edwina Gibbs Organizations: Sogo, Seibu, company's, Kyodo, Workers, Fortress Investment Group, Yodobashi Holdings, Yodobashi, Hankyu Hanshin, Rikkyo, Thomson Locations: Tokyo, Japan, U.S, TOKYO, Ikebukuro, Sogo
TOKYO, Nov 11 (Reuters) - Japan's Seven & i Holdings Co Ltd (3382.T) said on Friday it will sell its Sogo & Seibu department store unit to U.S. fund Fortress Investment Group. The transfer price will be based on 250 billion yen ($1.77 billion) in enterprise value for Sogo & Seibu, adjusted by net debt and working capital, Seven & i said in a release. Electronics retailer Yodobashi Holdings will be a partner in the deal with Fortress, which is controlled by Japan's SoftBank Group Corp (9984.T). Yodobashi is expected to set up outlets within Sogo & Seibu locations, the Nikkei newspaper reported earlier this week. Seven & i shares rose 0.3% in Tokyo trading compared with a 3% jump in the benchmark Nikkei (.N225) index.
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