Seven & i to sell Sogo & Seibu dept. stores to Fortress Investment

Seven & i Holdings Co. said Friday it plans to sell its struggling department store unit Sogo & Seibu Co. to U.S.-based investment fund Fortress Investment Group LLC for around 250 billion yen ($1.73 billion) in February.Fortress will revamp the operator of Sogo and Seibu department stores by teaming up with electrical appliances retailer Yodobashi Camera Co. while also cutting costs and improving efficiency, the Japanese company said.A plan is under consideration to make Yodobashi, which also operates stores selling outdoor goods, a major tenant for the department stores, according to sour…READ FULL ARTICLE