Seibu department stores are sold for USD 600,000
What: Due to debt, Seven & i sells the Sogo & Seibu department store chain at a discounted price
Why it is important: The deal includes the Seibu Ikebukuro profitable flagship in Tokyo, which comes at a very good price
Seven & i Holdings has completed the sale of Sogo & Seibu department store operator to Fortress Investment Group. The enterprise value of Sogo & Seibu was estimated at JPY 220 billion, but after accounting for debt, the actual transfer price was JPY 85 million. Seven & i expects to book a non-consolidated extraordinary loss of JPY 145.7 billion related to the transfer of Sogo & Seibu shares and loss compensation. Fortress plans to partner with Yodobashi Holdings in its turnaround plans for the department store chain.
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