Fortress Sets Buyout Of Sogo & Seibu Dep't Store Chain
Fortress Investment Group LLC, a US investment group, has secured a preferred negotiation right to purchase major department store chain Sogo & Seibu Co., Ltd., The Yomiuri Shimbun reported.
Photo Insert: Sogo and Seibu sales have been sluggish as a result of the new coronavirus epidemic.
Details of the agreement, such as the sale price and staff job security, have yet to be discussed. Several companies, including other investment funds, reportedly filed proposals for the chain to parent company Seven & I Holdings Co.
Fortress Investment Group, a SoftBank Group Corp. affiliate, has also invested in Leopalace21 Corp., a significant provider of rental housing, and Accordia Golf Co., a prominent golf course operator.
ValueAct Capital, a distinct US investment vehicle that owns shares in Seven & I Holdings, is said to have urged the corporation to divest unproductive business segments and focus on managing its Seven-Eleven convenience store chain.
Sogo and Seibu sales have been sluggish as a result of the new coronavirus epidemic. As a condition of the sale, Seven & i Holdings has insisted that employees' jobs be preserved, although this could be a stumbling block in discussions.