{"id":54974,"date":"2023-08-30T15:33:12","date_gmt":"2023-08-30T19:33:12","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/sogo-seibu-sale-to-go-ahead-triggering-rare-workers-strike-in-japan\/"},"modified":"2023-08-30T15:33:15","modified_gmt":"2023-08-30T19:33:15","slug":"sogo-seibu-sale-to-go-ahead-triggering-rare-workers-strike-in-japan","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54974","title":{"rendered":"Sogo & Seibu sale to go ahead, triggering rare workers’ strike in Japan"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The logo of Seven & I Holdings is seen at its headquarters in Tokyo, Japan December 6, 2017. REUTERS\/Toru Hanai\/File Photo<\/span>
\n<\/i>\n<\/div>\n

By Ritsuko Shimizu<\/p>\n

TOKYO (Reuters) -Seven & i will sell department store unit Sogo & Seibu on Sept. 1, a source with direct knowledge of the matter said on Wednesday, triggering a plan for a walk-out at a flagship store in what would be Japan’s first major strike in decades. <\/p>\n

Japan-based Seven & i, operator of the world’s largest convenience store chain, agreed last year to sell loss-making Sogo & Seibu to U.S. fund Fortress Investment Group, but the deal has been delayed amid opposition from workers.<\/p>\n

The union intends to carry out its threat for a strike at the flagship Seibu Ikebukuro store in Tokyo on Thursday, according to a union member. <\/p>\n

Labour disputes are extremely rare in Japan, and strikes even more so. The last time workers walked out on a major department store was 61 years ago, and for less than a day, according to Japan’s biggest industrial union, UA Zensen.<\/p>\n

A person with direct knowledge of Seven & i’s plan said its board would meet on Thursday to officially decide on the sale. The person asked not to be identified because the plan is not yet public.<\/p>\n

Seven & I said nothing had been decided yet. Fortress said it had no immediate comment.<\/p>\n

In its negotiations with management, Seibu & Sogo’s union had given Seven & i an Aug. 29 deadline to drop its plan to sell the company on Sept. 1, the union member said. <\/p>\n

The union received no reply and would therefore carry out the strike on Thursday at the flagship store, where about 900 union members are employed, he said.<\/p>\n

Sogo & Seibu said it would temporarily close the store on Thursday.<\/p>\n

Fortress had initially planned to spend around 250 billion yen ($1.71 billion) on the acquisition but is likely to have lowered that price to about 220 billion yen, the source said. <\/p>\n

($1 = 146.1900 yen)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The logo of Seven & I Holdings is seen at its headquarters in Tokyo, Japan December 6, 2017. REUTERS\/Toru Hanai\/File Photo By Ritsuko Shimizu TOKYO (Reuters) -Seven & i will sell department store unit Sogo & Seibu on Sept. 1, a source with direct knowledge of the matter said on Wednesday, […]<\/p>\n","protected":false},"author":1,"featured_media":2931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-54974","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nSogo & Seibu sale to go ahead, triggering rare workers' strike in Japan | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: The logo of Seven & I Holdings is seen at its headquarters in Tokyo, Japan December 6, 2017. 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