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Japan’s Seven & i to sell department store unit, Nikkei reports -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: The logo of Seven & I Holdings is seen at its headquarters in Tokyo, Japan December 6, 2017. REUTERS/Toru Hannai

TOKYO (Reuters) – Japanese retailer Seven & i Holdings Co Ltd is in final negotiations to sell its department store unit, Sogo & Seibu, the business daily reported on Monday, amid investor pressure to focus on its core convenience store business.

Nikkei said that companies and investments funds are among those who could bid for the starting price of this month.

A spokesperson for Seven & i, which operates Japan’s leading convenience store chain 7-Eleven, said nothing had been decided.

ValueAct Capital an investment firm based in the United States had asked the retailer for alternative strategies, including selling divisions in order to improve its share price.

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