AMSTERDAM, Sept 26 Swedish clothing retailer
Bjorn Borg said on Thursday the majority of its 24
Dutch stores will close because they had underperformed in the
country's ongoing recession.
The company, named after the former Swedish tennis star,
said nothing about job losses at the stores, operated by an
independent distributor, in a statement posted on its website.
Arthur Engel, chief executive of Bjorn Borg, said this "is a
result of a tough macroeconomic situation in the Netherlands",
where retail performance was among the lowest in EU countries in
While other core EU members have returned to slight economic
growth this year, the Netherlands continues to contract, hurt by
a deep property slump and declining consumer spending.
Bjorn Borg, best known for its fashion underwear, also makes
fragrances, luggage and eyewear. It said the closures will
reduce annual consolidated sales by approximately 3-4 percent.
Group net sales amounted to 551 million Swedish Krona (63
million euros) in 2012. The move is expected to be completed by
Dec. 31, 2013.
(Reporting By Anthony Deutsch; editing by David Evans)