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.
Awesome! More people in Japan should do that! Show some spine! Don’t just constantly accept the status quo that is so pervasive in Japan.
The irony is that they are demanding guarantees that things won’t change. They are striking to preserve the status quo.
Breaking the status quo to maintain the status quo
Destroying the status quo because the status is not quo. The world is a mess, and I just want to rule it.
I wonder what the common business leader in Japan is thinking right now with these workers actually standing up for their rights - personally I’m picturing blubbering rage lol
I’m not sure, I think more Japanese businessmen and C-suites are worried about takeovers from US, Europe and China-based multinational companies. They only care a little bit about workers advocating for their rights.
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.
The original article contains 650 words, the summary contains 165 words. Saved 75%. I’m a bot and I’m open source!
