Business Services Industry
Japan firm Fast Retailing Co. to liquidate British subsidiary next year.
Knight Ridder/Tribune Business News, August, 2004
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Aug. 27--TOKYO -- Fast Retailing Co., a casual-clothing store operator known for its Uniqlo brand, said Friday it will liquidate a wholly owned subsidiary in Britain on Aug. 31, 2005.
The London-based Fast Retailing (U.K.) Ltd., which was established in June 2000, already sold its rights to sell Uniqlo brand clothes in Britain to another subsidiary, Uniqlo (U.K.) Ltd., in August last year, the parent firm said.
Fast Retailing entered the British market in September 2001 by opening four outlets. The company rapidly increased the number of stores to 21 to boost customer recognition.
But sales were sluggish, forcing the company to close 16 of the 21 stores in...
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