Nike, Inc. has decided to close its lone Niketown location in Waikiki, ending an 11-year run, according to a report by Honolulu's Star Bulletin.
The Waikiki location is one of four locations Nike has shuttered this year, including the Nike Factory Store in Darien, GA, Nike Store in Skokie, Ill., and Nike Store in Santa Clara, CA. According to the report, a total of about 120 employees have been laid off but Nike has declined to break down numbers specific to each site.
“As a normal course of business, we have and will continue to review our retail fleet to ensure we are creating value for consumers and driving profitability,” said Nike spokeswoman Mary Remuzzi. “We decided to close Niketown Honolulu as a result of this review of retail.”
Nike, Inc. recently reported a low-singles decline in revenues for the fourth quarter and a 28% drop in same-store sales for inline stores. Margins fell 120 basis points for the same period.
