Whenever money is involved, I expect lawsuits. Two investors, Size It and Mickey Segal, have filed a lawsuit against Asics America Corp. The investors states that Asics gypped them out of millions by failing to hold up their end of the bargain, regarding their plans to expand the Japan-based company’s presence in the US.
Asics has been at odds and ends with Windsor Financial Group LLC since June, when Asics decided to terminate the agreement that gave Windsor control of 13 different Asics retailers. It was Windsor that Segal and Size It were prompted to invest millions in, as part of a scheme by Asics.
Segal and Size It company were promised that Asics America and Asics Japan would be supporting Windsor, via providing “wide-ranging, top-selling products and extensive brand marketing that Windsor’s success depended upon.” After the investments had been made, Segal and Size It claim that Asics reneged on promises and “set out to financially destroy Windsor.”
Who’s to blame? Well, the lawsuit names Asics’ former CEO/President, Kevin Wolff; Motoi Oyama, CEO/President Asics America; Kenji Sakai, Asics America’s CFO; and finally Katsumi Kato, director/managing executive at Asics Japan. Still, Asics refutes the allegations and believes the legal action is without merit.