Izmedia, Suspension of Golf Wear Business Division Operations
[Asia Economy Reporter Noh Kyung-jo] Izmedia announced on the 29th that it will suspend operations in the golf wear business division within its distribution business segment. The suspension date is set for the 31st of next month, and the amount related to the suspension is 2,153,678,782 KRW, which corresponds to 9.80% of recent sales revenue.
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The reason for the suspension is the non-renewal of the golf wear license (Cutter & Buck) contract and poor business performance. The company stated, "We will focus on our core business divisions to enhance management efficiency," adding, "Although a decrease in sales in the distribution business segment is expected, concerns about management deterioration will be alleviated due to low growth potential and worsening profitability."
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