Mizuno Plans to Cut 200 Retail Sites in China 07/07/2009 |
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Mizuno Corp., a Japanese maker of sporting goods, will shut 200 of 900 retail sites in China this year, spokesman Hiroaki Yakushiji said today by telephone.
The company, based in Osaka, western Japan, said in May it plans to shut unprofitable outlets in China in the year ending March 2010. Expansion in the lead-up to the 2008 Beijing Olympics caused Mizuno to book a charge to write down excess inventories last fiscal year.
The Nikkei newspaper reported Mizuno’s plan earlier today.
(Source: Bloomberg)
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