June 30, 2015: Asics Provides Additional Details to Footwear News
Asics provided FN with the following updates regarding the termination of its agreement and its impending store closures:
* There were 13 stores operated by Windsor. It is only those Windsor-operated locations that may be affected.
* All other retail locations, retail partners, outlets, online sales, etc. remain open and unaffected.
* There’s nothing Asics can share yet on future store openings, but those details are forthcoming.
* The financial impact on Asics of the 13 potential store closures will be minimal.
What FN Reported Last Week
Athletic-footwear company Asics America announced today that 13 of its U.S retail stores may have to close their doors following the firm’s termination of a retail operating agreement with Windsor Financial Group LLC.
In a release, Asics said that the termination of its agreement with Windsor, an independent licensee that owns and operates certain Asics-branded retail stores, is effective immediately.
Watch on FN
Asics cited “material breaches of the agreement by Windsor” as the primary reason for the termination and said it expects Windsor to close 13 Asics retail stores in the U.S. in response to the termination.
More than 1,000 Asics sports retail partners, as well as the company’s outlet stores and its Internet sales, will remain unaffected, Asics said in a statement today.
“Asics America remains committed to providing excellent retail experiences for our loyal customers,” said Kevin Wulff, CEO and president of Asics America Group, in a statement. “While it is unfortunate the relationship with this partner did not work out, the experience has taught us a lot about the direction we need to go with respect to retail stores. In the meantime, Asics products remain fully available online and through specialty and sporting-goods establishments around the country.”
Continue to check back with Footwear News as we await further comments from both Asics and Windsor.