Asics shuttered its New York City flagship store on Fifth Avenue in Manhattan in December amid the prolonged impact of COVID-19. The store opened in 2017.
In a statement, Asics said that for the fiscal year December 31, 2020, it expects to record approximately a $22 million loss on the cancellation of the lease contract and the loss on the impairment of the related fixed assets.
In its statement, Asics said, “Amid the uncertainties regarding when the novel coronavirus (COVID-19) pandemic will end, the company said it will further improve the profitability of the North American business by closing this store, considering the business risk of continuing to operate the store and other factors.”
When it opened, Asics said the location was its first U.S. flagship store featuring two brands: Asics and Asics Tiger. The store covered 2,035 square feet of retail selling space.