Seven & i Holdings Co., Ltd. (TSE:3382) plans to sell its department store unit, Sogo & Seibu Co., Ltd., to Fortress Investment Group LLC for over ¥200 billion, sources familiar with the matter said on November 9, 2022. The Japanese retailer is expected to make a decision on the sale soon, the sources said. The sale of the struggling department store unit is designed to help Seven & i focus on its convenience store business with potential for growth.

The company has been under pressure from a major foreign shareholder to do so.