Daiei Inc. will sell the 130,000-sq.-meter plot on which Yokohama Dreamland sits to used-car auctioneer USS Co. for roughly 9 billion yen after the amusement park closes in February, company officials said Monday.
The ailing supermarket chain is expected to use the revenue toward its massive interest-bearing debts, sources said.
Yokohama Dreamland, an amusement park in Totsuka Ward, Yokohama, is operated by Dream Park, a Daiei subsidiary. The land is owned by Jujiya Co., also a subsidiary.
Daiei announced Friday that it will close the park Feb. 17 due to poor attendance amid the prolonged economic slump.
USS, based in Tokai, Aichi Prefecture, said it plans to use the land for an auction facility that will begin operating within two years.
The company owns auction facilities in 11 locations across the country and boasts roughly 27,000 corporate members.