7-Eleven Parent To Sell Sogo & Seibu Chain For $1.38-B

The 7-Eleven operator Seven & i Holdings is set to sell off its struggling Sogo & Seibu department store chains to US-based investment fund Fortress Investment Group for 200 billion yen ($1.38 billion) or more, Nikkei Asia reported.

Photo Insert: Together with Fortress, Japanese home appliance store operator Yodobashi Holdings is expected to invest in the deal by buying some of the Sogo & Seibu sites and rerouting proceeds to the US fund.

Together with Fortress, Japanese home appliance store operator Yodobashi Holdings is expected to invest in the deal by buying some of the Sogo & Seibu sites and rerouting proceeds to the US fund.

Yobobashi also plans to open its outlets in some of the Sogo & Seibu stores in Tokyo and neighboring Chiba prefecture.

Fortress Investment had been shopping around for companies to scoop up in Japan and Southeast Asia in the hope of making hay when the global economy overcomes recession and festering supply chain problems.

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