Japan’s Sogo & Seibu department stores are being sold to a US fund as 900 workers go on strike

Japanese retailer Seven & i Holdings Co. is selling department store chain Sogo & Seibu Co. to a U.S. investment fund, even as the labor union went on strike ahead of the announcement Thursday. The transfer to Fortress Investment Group will be completed Friday, according to Seven & i Holdings. Separately, some of Sogo & Seibu’s debts, or nearly 92 billion yen ($630 million), will be forgiven, the company said in a statement.