News Sogo and Seibu labour union threaten strike

[thomas]

Industrial action is extremely rare in Japan. The labour unions of Sogo and Seibu notified management on Monday that its members working at one of the company's department stores will go on strike on Thursday, as differences related to the planned sale of the shopping chains remain. If the strike goes ahead, it would be the first in the country's department store industry for around 60 years, according to UA Zensen, a trade union representing employees across various industries. Parent firm Seven & I Holdings, the operator of 7-Eleven convenience stores, is looking to sell the Sogo & Seibu unit to U.S.-based investment fund Fortress Investment Group, and the labour union has been asking Seven & I to guarantee that jobs will be maintained and the department store business will continue even after the sale.

Labour strikes are rare in Japan, and if the threatened action goes ahead, it would be the first at a major department store in about 60 years, local media reported. Sogo & Seibu's labor union announced the strike notice at a news conference. Japan-based Seven & i, operator of the world's largest convenience store chain, last year agreed to sell Sogo & Seibu to Fortress Investment Group. But the deal has been delayed amid opposition from workers, and company management canceled a meeting for Friday last week where it was to finalize the sale, Kyodo reported. Seven & i Holdings confirmed its unit had received the strike notice and said it was reviewing the union's requests. Negotiations will continue, it said. If the talks break down, about 900 union members at Seibu's flagship store in Tokyo's Ikebukuro district will strike on Thursday, a union member said. He said the union settled on Thursday because it believed Seven & i was looking to complete the sale of the unit the following day.

Paywall alert:

Seven & i department store union threatens to strike on Thursday

Workers want to avert planned sale to U.S. fund Fortress Investment Group

asia.nikkei.com

 

[Lothor]

It's sad to read about this buyout. I was talking to Mrs Lothor recently about how much of Britain, particularly its infrastructure such as its trains and airports, is owned by foreign investment groups. For example, the local-sounding company of Yorkshire Water is mainly owned by German and American interests. These companies are focused on maximising profits and are beholden to large institutional shareholders and tend to have zero concern with the regions in which they operate, which partly explains the epidemic of sewage being discharged into Britain's rivers. It's sad to see Japanese names such as Sogo and Seibu going the same way.

 

[Xeong5]

The parent company for fortress investment group is softbank so I still don't know what all the fuss is about. They should have protested the sale of Toshiba and Sharp but hey a department store is worse I guess.