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. The proposed sales price is 220 billion yen ($1.5 billion) but won't be final until the transfer’s completion set for Friday.
