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.
The store, opened on December 14, 2017, featured both its Asics and AsicsTiger labels.
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