Japan’s Seven & i sells Sogo & Seibu to Fortress Investment Group unit

The company aims to focus on its convenience store businesses.

Seven & i Holdings has sold all its shares in its department stores unit Sogo & Seibu Co. Ltd to Sugi Godo Kaisha, a special purpose company related to Fortress Investment Group with the transfer costing around $576,000 (JPY85m).

In a disclosure, Seven & i said this moves comes as it plans to re-invest in its convenience store (CVS) businesses which they plan to leverage as “groth driver and enhance capital returns” to its shareholdes.

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The company also aims to ramp up its strategy to be a “world-class retail group” focused on its food by proiritising the growth of its CVS businesses globally and locally.

This comes following the agreement the related parties entered last year.

$1 = JPY147.56