TOKYO -- Nitori Holdings, Japan's answer to Ikea, dropped to a new multiyear low during trading Wednesday after institutional investors vented frustration toward the lack of progress in a proposed China expansion.
Shares closed 3% down to 12,285 yen, a level not seen since February 2017. Nitori said it would open 200 outlets in China by 2022, but the furniture seller has opened just one new store so far this fiscal year. The number of Chinese outlets is set to remain at 38 by the time the year ends in February 2020.
