TOKYO -- 7-Eleven operator Seven & i Holdings is set to sell off its struggling Sogo & Seibu department store chains to U.S.-based investment fund Fortress Investment Group for 200 billion yen ($1.38 billion) or more, Nikkei has learned.
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 U.S. fund. Yobobashi also plans to open its outlets in some of the Sogo & Seibu stores in Tokyo and neighboring Chiba prefecture.
