Asics has closed down for good its flagship store on Fifth Avenue in the Manhattan district of New York, which it had opened in 2017, occupying 2,035 square feet of selling space, to position itself in the city as a direct competitor of bigger sports brands like Nike, Adidas or Puma. The Japanese brand cited the prolonged impact of the Covid-19 pandemic and said that the cancellation of the costly lease and the impairment on the store’s fixed assets will result in a loss of around ¥2.3 billion (€18m-$22m) for the financial year ended Dec. 31. It will help improve the results of its U.S. subsidiary, however. Under Armour took a much higher impairment charge of $290 million in the first quarter of 2020 on its investment in a flagship store on Fifth Avenue that never saw the light of day.