In an effort to reduce interest-bearing debts, Seibu Department Stores Ltd. said Wednesday it raised 108.1 billion yen by securitizing its flagship store in Tokyo's Ikebukuro.
Seibu signed a contract with Yasuda Trust & Banking Co. the same day, effectively selling the property, which the department store chain will continue to use under a lease arrangement.
The cash raised will be used to reduce Seibu's interest-bearings debts of 440 billion yen.