UK: Uniqlo Ditches Ambitious Expansion Plans
Japanese firm Fast Retailing has dropped ambitious UK expansion plans for its Uniqlo clothing chain amid growing concern over falling sales and profits. New president Genichi Tamatsuka said plans to boost the number of UK stores in the next three years to 50 from the current 21 had been ditched after the unit reported a loss of £20 million on sales of £14m.
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