TOKYO – So, here’s the scoop! Seven & i, the bigwigs behind the world’s biggest convenience store chain, are all set to bid farewell to their department store buddies, Sogo & Seibu, on Sept. 1. Yep, you heard that right! And boy oh boy, this isn’t sitting well with some folks. This move is lighting up the fuse for a walk-out at their pride and joy, the Seibu Ikebukuro store, marking the Land of the Rising Sun’s first grand strike in what feels like forever!
But wait, there’s a twist! This sale was on the table last year. The U.S. heavyweight, Fortress Investment Group, wanted to toss a hefty chunk of change – think billions of yen – to grab Sogo & Seibu. But, like in any good story, there’s been a snag. The store’s crew wasn’t having any of it.
Here’s a fun fact for ya: Strikes? They’re as rare as hen’s teeth in Japan. Last time anyone can recall workers saying, “I’m out!” at a major store was, hold onto your hats, 61 years ago! And that gig lasted less than a day.
Now, back to the present drama. A little birdie (who’s keeping their name hush-hush) spilled the beans that Seven & i’s top dogs will huddle up on Thursday. Their big agenda? To give the green light to this whole selling business.
However, Seven & i played it cool, whispering, “Nothing’s set in stone yet.” And Fortress? Mum’s the word from their end.
The union guys gave Seven & i a heads up. “Back off from the sale by Aug. 29, or we’ll hit the streets!” they said. With the clock ticking and no word back, it’s game on for the strike. At the heart of the storm? That flagship store, home to about 900 union stars.
Oh, and before I forget! If you’re thinking of popping by Sogo & Seibu on Thursday, maybe hold off. They’ll be shutting the doors for a bit.
Price tags and numbers? They’re a slippery bunch. Originally, Fortress was ready to shell out a cool 250 billion yen. But, word on the street is, they’ve haggled it down to around 220 billion yen. Just so you know, a buck’s currently about 146.1900 yen. Handy, right?
Phew! What a ride! Let’s see where this roller coaster takes us next!