Club Monaco Stores in Japan to Close

Kanematsu Corporation of Japan announced that it plans to close Club Monaco Japan Inc., the operating company for the stores, within the year, and close 12 retail stores by the end of the summer. Kanematsu Textile Corporation, a subsidiary of Kanematsu Corporation which owns the stores, is changing its focus to specialize in new materials. Revenues are also down about 30%. Club Monaco of Canada set up the joint venture with Kanematsu Corporation in 1994.