Seven & i Holdings Co. and H2O Retailing Corp. said Thursday they have agreed on a capital and business tie-up, with Seven & i selling some of its department stores to the operator of the Hankyu and Hanshin department stores.
Seven & i said it will negotiate sales of two of its Sogo department stores in Kobe and a Seibu department store in Takatsuki, Osaka Prefecture, to Osaka-based H2O.
As part of their tie-up, the two retail groups agreed on mutual shareholding, planning to buy a small stake in each other.
Seven & i has some 150 units under its umbrella, including operators of the Seven-Eleven convenience store chain and Ito Yokado store chain.
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