Workers at a major Tokyo department store went on strike on Thursday after talks with management over the planned sale of their company broke down, marking the first major walk-out the country has seen in decades.
Some 900 workers at the flagship Seibu store in the bustling district of Ikebukuro are protesting the sale of Sogo & Seibu, a unit of Japanese retail giant Seven & i (3382.T), to U.S. fund Fortress Investment Group.
They are seeking job and business continuity guarantees, unhappy with reported plans for discount electronics retailer Yodobashi Holdings to take over roughly half of the store.
This is the best summary I could come up with:
They are seeking job and business continuity guarantees, unhappy with reported plans for discount electronics retailer Yodobashi Holdings to take over roughly half of the store.
This one-day strike - the first at a major Japanese department store in 61 years - followed months of negotiations between Sogo & Seibu management and the workers’ union, and comes amid an acute labour shortage in Japan.
On Thursday morning, Seibu workers protested in front of the store in the summer heat while members of various other unions handed out flyers to show their support.
“I regret that we could not change the outcome but it’s also a fact that our business is struggling,” union leader Yasuhiro Teraoka told reporters after the sale was announced.
Sogo & Seibu’s workers had the support of labour groups from rival department stores including Takashimaya and Isetan Mitsukoshi (3099.T).
For overseas funds looking to restructure Japan Inc brands, the walk-out raises the spectre of similar hurdles, said Tokyo-based corporate lawyer Stephen Givens.
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