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.
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