The Pandemic has been hard on many companies and Sega Sammy is no exception. Sega has closed their famous arcades in Japan and now have made the decision to sell off much of their amusement center business, including arcades.
SEGA SAMMY HOLDINGS Inc. (the Company) resolved to transfer a portion of the shares of SEGA ENTERTAINMENT CO., LTD. (SE) held by SEGA GROUP CORPORATION (SHQ), a consolidated subsidiary of the Company, to GENDA Inc. (GENDA) at Board of Directors meeting held on November 4, 2020. In addition, we hereby notice that we expect to record extraordinary losses (structural reform expenses) in connection with this transfer. As a result of the transfer of shares, SHQ’s voting rights in SE will be 14.9%, and SE will be excluded from the scope of consolidation.
This is really the end of an era.
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