Japanese sports equipment company Asics Corp. recently announced its decision to shut down its New York City flagship store on the Fifth Avenue three years after opening it. In a statement, it said it expects to record ‘extraordinary losses’ for the fiscal ending December 31, 2020, and as a result, would shutter that store to further improve the profitability of its North American business.
It expects a loss of ¥2.3 billion on the cancellation of lease and the impairment of related fixed assets.Asics Corp. recently announced its decision to shut down its New York City flagship store on the Fifth Avenue three years after opening it. In a statement, it said it expects to record 'extraordinary losses' for the fiscal ending December 31, 2020, and as a result, would shutter that store to further improve the profitability of its North American business.#
The store, opened on December 14, 2017, featured both its Asics and AsicsTiger labels.
Fibre2Fashion News Desk (DS)
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