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SBD Global/April 25, 2013/FinancePrint All
Beijing Business Today reported Nike is going to close down its flagship store in the luxury shopping mall APM in Beijing, "with its place being taken by fashion retailer H&M," according to the WANT CHINA TIMES. The Nike store, which opened in '07, measures 1,100 square meters and "is spread across three floors." It "was the first outlet in Asia to be owned by Nike." Sources said that while Nike had intended to renew its contract with APM on expiry, "the mall preferred to lease the space to H&M, a brand which is more popular with local shoppers." Sources said that "malls choose brands according to their profitability and the profit margins of sportswear companies are not high enough" (WANT CHINA TIMES, 4/24).
Three groups of activists announced that they would stage protests outside Foot Locker stores in the U.K., other European countries and the U.S. to force the chain to cut its ties with adidas unless it pays half of the $3.2M in severance payments due to the former workers of an Indonesian clothing factory, which was abandoned by its South Korean owner in Jan. '11. The non-governmental organizations claim that other companies that sourced clothing from the factory have paid their share of the amount (ISPO). ... In the first half of its financial year through March 31, the Lafuma Group’s turnover fell to €102.7M ($133.4M) from €132.3M ($171.8M) in the previous year’s period, meaning a decline of 15.4% (ISPO).