Seven & I closes $1.5 billion deal to sell Japanese department store chain

Seven&i Holdings Co. completed the sale of its department store chain Sogo & Seibu Co. amid central Tokyo flagship store employees on strike over fears the deal could jeopardize their jobs.

The deal with Fortress Investment Group will close on Friday, with a value of about $1.5 billion, according to a Seven & i spokesperson.

The deal sparked a rare case of strikes in Japan, with one of Sogo & Seibu's largest stores closing on Thursday as employees followed through on their promise to go on strike if the deal goes through.

The sale has been in the making for months. In November, Seven & i announced that they had entered into a deal to sell the Fortress division.

Seven & i, which owns about 85,000 stores worldwide, said it will focus on its core food and convenience store operations.