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Japan's Sogo & Seibu department stores are being sold to a US fund as 900 workers go on strike
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People who support a strike called by a union representing workers at Sogo & Seibu Co., shout slogans in front of the flagship Seibu Ikebukuro department store in Tokyo Thursday, Aug. 31, 2023. Labor union members of Japanese department store operator Sogo & Seibu stage a rare strike at its flagship store in Tokyo over job security concerns, as its parent company plans to sell the chain to a U.S. fund despite the union's opposition. The banners read "Sogo&Seibu, Strike solidarity, "bottom left, and "President Isaka, Resignation!, " bottom right. - photo by Kyodo News via AP
TOKYO (AP) — Japanese retailer Seven & i Holdings Co. is selling department store chain Sogo & Seibu Co. to a U.S. investment fund, even as the labor union went on strike ahead of the announcement Thursday. The transfer to Fortress Investment Group will be completed Friday, according to Seven & i Holdings. The decision came at a board of directors meeting.