It has been a difficult year for Sega Sammy, and as a result of some “extraordinary losses” due to the effects of coronovirus, it will sell most of Sega Entertainment’s shares with Japanese entertainment rental firm, Genda – a company. Strong desire “to expand arcade area in Japan.
Speaking to shareholders today, Sega said it would transfer 85.1% of its shares to Sega Entertainment, retaining just 14.9%. As highlighted by GameIndustry.biz, Sega Entertainment “builds and operates the company’s arcade locations, while” Sega itself still manufactures and sells arcade machines “.
It has been clear for some time now that this part of the business is not going so well for Sega Sammy – especially when news surfaced earlier this year that Sega would close its famous Akibara Arcade in Japan. The extent of the loss is expected to be detailed in the company’s quarterly earnings and the deal will be held on December 30.