Seven & i to protect Japan department store's jobs after buyout

Retail group to waive over $600m in Sogo & Seibu's debt to help post-sale restructuring

Workers at Seibu's flagship location in Ikebukuro will strike on Aug. 31 -- a first for a Japanese department store in around 60 years. (Photo by Yukihiro Omoto)

YOSHIHIRO HARA and MOE SAITO, Nikkei staff writers

August 30, 2023 23:41 JST

Updated on August 31, 2023 05:00 JST

TOKYO -- Japanese retailer Seven & i Holdings plans to keep the roughly 5,000 workers at department store unit Sogo & Seibu employed even after the latter's planned sale to U.S. investment fund Fortress Investment Group, Nikkei has learned.

Seven & i has decided to work with Fortress following the transaction to maintain their employment, including by transferring workers within Sogo & Seibu or to another Seven & i unit. Seven & i has already requested cooperation from Fortress on the matter.