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News > International
2 Rodeo Drive for sale?
August 7, 2000: 7:23 a.m. ET

Report: Troubled Japanese retailer Sogo to sell shopping center for reduced price
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LONDON (CNNfn) - One of the world's glitziest shopping destinations could soon have a new owner, according to a published report Monday.

Two Rodeo Drive, a Beverly Hills, Calif. shopping complex that houses Cartier, Tiffany, Versace and other swank shops, is set to be unloaded by troubled Japanese retailer Sogo Co. Ltd. for about $130 million - approximately $100 million below what Sogo and another investor reportedly paid for the property in 1990, London's Financial Times reported.

graphicThe buyer is believed to be a private European family trust, the newspaper said.

Sogo filed for bankruptcy protection last month after the Japanese government abandoned a taxpayer-funded effort to step in and forgive some of the department store chain's 1.87 trillion yen ($17.7 billion) in debts amid a public outcry about the plan.

It was Japan's second-biggest corporate bankruptcy filing on record.

Sogo also owns a building in Hong Kong's chic Causeway Bay shopping district that could net about $500 million, the newspaper said.

The sale of Two Rodeo Drive is expected to be carried out in two weeks, the FT said. Back to top

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