Seven & i to Postpone Sogo & Seibu Sale to March
Tokyo, Jan. 24 (Jiji Press)--Japanese retail giant Seven & i Holdings Co. <3382> said Tuesday that it will postpone the sale of department store unit Sogo & Seibu Co. from Feb. 1 to March.
The move comes amid a stalemate in talks between Seven & i and U.S. fund Fortress Investment Group LLC, which is set to buy Sogo & Seibu, over the proposed opening of an outlet of major electronics retailer Yodobashi Camera in the Seibu Ikebukuro store in Tokyo's Toshima Ward, informed sources said.
Fortress is in a partnership with Yodobashi Holdings, the parent of Yodobashi Camera.
Toshima Mayor Yukio Takano has voiced opposition to the planned launch of a Yodobashi Camera outlet in the Sogo store in the Ikebukuro district, saying that the area would lose what makes it a community of culture.
Seven & i said in a statement Tuesday that "negotiations toward satisfying the prescribed conditions are still ongoing."
[Copyright The Jiji Press, Ltd.]