Peak Sport closes 1,000 stores
06/11/2012
The company closed 283 outlets in the first quarter, 464 in the second and 320 by the end of September, leaving a total of 6,739. It said orders this year have shrunk by 20% to 30%.
In 2010, it opened 1,018 stores when business was booming and domestic sales grew 36%.
Local publication China Business Daily reported that in its mid-year report, the company’s turnover in its outlets fell by 30% compared with the same period last year.
Other sportswear companies are feeling the pinch in China. Its largest, Li-Ning, reported first half sales down 85% and Nike recently said its orders in China had decreased for the first time in three years.
Share this story:
