By  on March 25, 2010

TOKYO — Takashimaya plans to close its New York flagship in June.

The Japanese retailer revealed the move Thursday as it said it has scrapped its plans to merge with H2O Retailing Corp., the parent company of Hankyu and Hanshin department stores.

Takashimaya said it plans to sell the real estate and dedicate the proceeds to faster growing markets in Asia. The New York store opened in April 1993 and sells women's and men's apparel, accessories, beauty products, home furnishings, baby products, food and garden products and flowers.

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