Japan on Thursday saw its first strike in decades, as employees of a large department store in Tokyo protested the&nbsp;sale of their company to a US-based investor.&nbsp;

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 &amp; Seibu, a division of the Japanese retail behemoth Seven &amp; 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 &amp; 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.&nbsp;

Seven &amp; 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 &amp; i announced, adding that it had asked Fortress to give “maximum consideration of Sogo &amp; Seibu’s business continuation and continuation of employment".&nbsp;

This, however, resulted in a reduction of Sogo &amp; 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 &amp; i to help Sogo &amp; Seibu’s management keep its personnel “to the extent possible”.&nbsp;

It stated that it intended to refurbish Sogo &amp; Seibu’s outlets alongside partner Yodobashi for an investment of more than 20 billion yen.

(With inputs from Reuters)

Japan on Thursday saw its first strike in decades, as employees of a large department store in Tokyo protested the sale 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.

Japan on Thursday saw its first strike in decades, as employees of a large department store in Tokyo protested the sale 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. 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)

Japan sees its first strike in decades as workers oppose department store sale  

Japan's <a href="https://www.wionews.com/business-economy/in-a-first-us-approved-drone-delivers-donuts-to-doorstep-3079">7-Eleven </a>convenience store chain, already under nationwide scrutiny over labor issues, admitted on Tuesday that the company had been underpaying workers for years due to miscalculations.

The chain, a unit of Japanese retail group <a href="https://www.wionews.com/world/japans-capital-braces-for-what-could-be-worst-typhoon-in-60-years-255362">Seven &amp; I Holdings</a>, confirmed errors going back to 2012 and affecting 8,000 stores and over 30,000 workers. The total missed payments amounted to about 490 million yen ($4.5 million), it said.

The error was spotted by labor standards inspectors in September, the company said, confirming an earlier report by financial daily <a href="https://www.wionews.com/business-economy/japans-stock-exchange-nikkei-posts-biggest-weekly-gain-in-over-6-years-2577">Nikkei</a>.

"We deeply apologize to our franchise stores and employees for this problem," the company said in a statement, adding that it would ensure the overdue payments will be paid out.

The convenience store chain has been under pressure to review its 24-hour store policy, with franchise owners struggling to keep stores staffed around the clock amid the tightest labor market in 40 years.

The company has been testing shorter hours at some stores after the plight of some franchise owners attracted nationwide attention.

The 7-Eleven stores, which originated in the United States but are now owned by Japan's Seven &amp; I, expanded rapidly since the 1970s as their 24-hour accessibility proved a perfect match with the country's dense population and late-night work culture.

Until recently, the convenience store industry's high margins and strong growth were the envy of the rest of Japan's retail sector that was struggling with pricing pressure and lean consumer spending.

Analysts, however, say the convenience store market is now highly saturated and a demographic crunch means the industry has little room for growth.

Japan's 7-Eleven convenience store chain, already under nationwide scrutiny over labor issues, admitted on Tuesday that the company had been underpaying workers for years due to miscalculations.

Japan's 7-Eleven convenience store chain, already under nationwide scrutiny over labor issues, admitted on Tuesday that the company had been underpaying workers for years due to miscalculations. The chain, a unit of Japanese retail group Seven & I Holdings, confirmed errors going back to 2012 and affecting 8,000 stores and over 30,000 workers. The total missed payments amounted to about 490 million yen ($4.5 million), it said. The error was spotted by labor standards inspectors in September, the company said, confirming an earlier report by financial daily Nikkei. "We deeply apologize to our franchise stores and employees for this problem," the company said in a statement, adding that it would ensure the overdue payments will be paid out. The convenience store chain has been under pressure to review its 24-hour store policy, with franchise owners struggling to keep stores staffed around the clock amid the tightest labor market in 40 years. The company has been testing shorter hours at some stores after the plight of some franchise owners attracted nationwide attention. The 7-Eleven stores, which originated in the United States but are now owned by Japan's Seven & I, expanded rapidly since the 1970s as their 24-hour accessibility proved a perfect match with the country's dense population and late-night work culture. Until recently, the convenience store industry's high margins and strong growth were the envy of the rest of Japan's retail sector that was struggling with pricing pressure and lean consumer spending. Analysts, however, say the convenience store market is now highly saturated and a demographic crunch means the industry has little room for growth.

Japan's 7-Eleven admits it underpaid staff for years

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Japan sees its first strike in decades as workers oppose department store sale

Japan's 7-Eleven admits it underpaid staff for years