Peak closes 125 stores
China’s depressed sporting goods market has led to Peak closing 125 stores during the first quarter of this year.
Same store sales for the first quarter to March 31 were flat, the company reports.
The store closures took its retail network down to 6358.
Peak is not the only company which suffered from difficult market condition. Li Ning, in its 2012 financial report, revealed a 2 billion yuan loss, blaming it on lower sales and high restructuring costs.