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Seven & i inks deal to shed 2 department stores

Japanese convenience store operator Seven & i Holdings Co. Ltd. said Aug. 3 that it has reached a final agreement regarding the transfer of business and related assets of its two Sogo & Seibu department stores to H2O Retailing Corp.

The agreement was signed by Seven & i, its subsidiary Sogo & Seibu Co. Ltd. and Japanese department store operator H2O.

Seven & i will transfer Sogo & Seibu's Sogo Kobe and Seibu Takatsuki stores through an absorption-type company split, with Sogo & Seibu as the splitting company and H2O's subsidiary H2O Asset Management the succeeding company. The agreement on the absorption-type split is expected to be signed Aug. 16 and the succession to take effect Oct. 1.

Seven & i announced the transfer of its two department stores to H2O on May 11.