Disney Sinks in the East

Walt Disney Co. (Burbank, Calif.), which is gradually trimming its 700-store, nine-country retail chain, has agreed to sell its 79 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. However, Disney said that some of the 79 stores will be closed before the sale is completed.

Oriental Land will operate the surviving stores and pay Disney annual royalties based on their retail sales, according to a Disney spokesperson.

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.