By  on February 2, 2011

TOKYO — Hong Kong-based retailer I.T Ltd. said Tuesday it has agreed to buy 90 percent of Nowhere Co., the corporate parent of Japanese street label A Bathing Ape, for 230 million Japanese yen, or $2.8 million at current exchange rates.

I.T said it plans to restructure the money-losing company and restore it to profitability. The luxury goods and fashion retailer said it wants to broaden the geographic reach of the brand, known as Bape, beyond its core Japanese market.

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