Running shoe manufacturer Asics closed its flagship store in Times Square on Tuesday after a bitter dispute with the company that runs its North American retail operation.
The 5,000-square-foot Midtown store, which opened less than a year ago at 51 West 42nd Street, was the last of 13 Asics stores in the U.S. to close as the company is embroiled in a legal battle with Windsor Financial Group.
One of Windsor’s biggest investors filed a lawsuit against Asics in California this week, alleging fraud and breach of contract against the Japanese sportswear company, according to the New York Post.
Windsor had the exclusive rights to operate Asics’ retail stores in the U.S. – all of which have shuttered over the past several months since Asics terminated its operating agreement with the company.
The closing of the Times Square retail location came just weeks before one of the running shoe brand’s most important events: the New York City Marathon on Nov. 1, of which Asics is a major sponsor. [NYP] – Rey Mashayekhi