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GETTING BACK TO ASICS: COMPANY TO REORGANIZE
Published March 21, 1995
With sales down and employees "reeling from a layoff announced" late last week, execs at Asics Tiger Corp. are meeting today to "map out a new long-term strategy and figure out how to slash expenses." The sport shoe and athletic clothing maker is looking to reduce spending in every phase of operation. The layoffs have been a result of "sluggish sales." Last year, Asics sales fell 10%, "though how many dollars that represents isn't clear." The company, which disclosed sales in the early '90s, when it was growing at a rate of about 20% a year, now keeps specific sales data private. A spokesperson would only say that Asics generates at least $250M in revenue a year. Asics, like other athletic shoe makers, "has been hurt by the popularity of boots and sandals." Asics spokesperson Lisa Brama: "The hip-hop trend has gone on longer than we anticipated. Our hope and belief is that athletic shoes will become fashionable again, particularly next year with the Olympics" (Andre Mouchard, ORANGE COUNTY REGISTER, 3/21).