Fortress Investment Group, a private equity firm, completed the acquisition of Sogo & Seibu, a shop retailer, from Seven & i, a Japanese diversified retail group, for $1.5bn. “We are pleased to announce the acquisition of such an iconic company. We would also like to thank the various stakeholders who have supported our plans. We are committed to achieving business continuity for Sogo & Seibu, and will work with Seven & i to support the management of Sogo & Seibu to maintain Sogo & Seibu’s workforce to the extent possible,” Akio Yamashita, Fortress Managing Director and Representative in Japan.