Japan sees its first strike in decades as workers oppose department store sale
Union workers of Sogo & Seibu hold banners in front of the company's Seibu Ikebukuro store in Tokyo
Japan on Thursday saw its first strike in decades, as employees of a large department store in Tokyo protested thesale of their company to a US-based investor.
At the flagship Seibu shop in the busy Tokyo neighbourhood of Ikebukuro, over 900 employees held a one-day strike protesting the sale of Sogo & Seibu, a division of the Japanese retail behemoth Seven & i, to the Fortress Investment Group.
On Thursday morning, Seibu employees demonstrated in front of the store in the sweltering heat while supporters from other unions distributed pamphlets.
Unhappy with the contingency plans, under which discount electronics retailer Yodobashi Holdings may take over nearly half of the store, the protesting employees demanded job security guarantees.
Following months of negotiations between Sogo & Seibu management and the workers’ union, the strike, the first at a major Japanese department store in 61 years, took place amid a severe labour shortage in Japan.
In Japan, where wage and working-condition negotiations are often settled peacefully, strikes are incredibly uncommon.
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Seven & i apologised for the strike and assured the workers' union that negotiations would continue. The regular business hours were observed at other Seibu and Sogo department stores.
The takeover deal
The agreement would be finalised on Friday, Seven & i announced, adding that it had asked Fortress to give “maximum consideration of Sogo & Seibu’s business continuation and continuation of employment".
This, however, resulted in a reduction of Sogo & Seibu’s sale value from the initially agreed 250 billion yen to 30 billion yen ($205 million).
As part of the agreement, Seven and i will also let go of the 91.6 billion yen in debt, which is more than half of the total sum it has lent to its unit.
Fortress said in a statement that it will collaborate with Seven & i to help Sogo & Seibu’s management keep its personnel “to the extent possible”.
It stated that it intended to refurbish Sogo & Seibu’s outlets alongside partner Yodobashi for an investment of more than 20 billion yen.
(With inputs from Reuters)