Costco will close its Manila-based entertainment center in the Philippines, according to a company statement.
The company said the move was made due to the current financial environment and the need to make significant investments to expand the company’s operations in the country.
Costco is the largest retailer in the Middle East, Asia and Africa region, according the company.
The company has been investing heavily in new and existing facilities in the region, including an expansion of its Philippine operations.
Costcos Philippines operations include stores in the capital cities of Manila and Davao.
The move is expected to result in a significant loss to the company, as it will likely have to close stores in some of its remaining locations.
The Philippine operations are based in the United States, and will continue to operate as a standalone company, the company said.