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Disney to Sell Its Retail Stores in Japan

September 11, 2001|Bloomberg News

Walt Disney Co. agreed to sell its Disney Store retail shops in Japan for $51 million to Oriental Land Co., the operator of the Tokyo Disneyland and DisneySea theme parks in Japan.

Oriental Land agreed to purchase the Japanese stores and pay Disney annual royalties based on their retail sales, Disney spokeswoman Maria Gladowski said. The Burbank-based company plans to close some of its 79 stores in Japan before the sale closes, she said.

The sale is expected to be completed in April.

The Disney Store chain, which first opened in Japan in 1992, sells dolls, stationery, clothing and other products featuring characters that have appeared in Disney films. The chain has 700 stores in nine countries.

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