purchase agreement. In mid-September 2020, a reliable source told Forbes that LVMH had decided to cancel the deal because Tiffany was paying millions in dividends to shareholders despite financial losses during the COVID-19 pandemic. Some US$70 million had already been paid by Tiffany, with an additional US$70 million to be paid in November 2020. LVMH filed a counterclaim against the court action commenced by Tiffany; a statement issued by LMVH blamed Tiffany's mismanagement during the pandemic and claimed that it was "burning cash and reporting losses". In late October 2020, LVMH announced that it had agreed to buy Tiffany & Co. at a reduced price of almost $16 billion, and lowered price from $135 per share to $131.5 per share. The court cases would be set aside. In December 2020, Tiffany & Co's shareholders approved a $15.8 billion deal with LVMH. The deal closed on January 7, 2021, and Tiffany' stock was delisted from the New York Stock Exchange. After LVMH's acquisition, several of Tiffany’s senior leaders were replaced with executives from other sectors of LVMH. Alexandre Arnault, the son of LVMH's CEO Bernard Arnault, was given the role of executive vice president. LVMH group's plans include expanding Tiffany & Co.’s presence in Europe and China. "Tiffany is less exposed than rivals to Asia-Pacific - a major driver for luxury sales - which accounted for 28% of its worldwide sales of $4.4 billion in 2019." Partnership with Riot Games. Announced that Tiffany & Co. will design the trophy for the League of Legends World Championship 2022. Stores Since 1940, Tiffany's flagship store has operated at the corner of Fifth Avenue and 57th Street in Manhattan, New York City. The polished granite exterior is well known for its window displays, and the store has been the location for a number of films, including Breakfast at Tiffany's, starring Audrey Hepburn, and Sweet Home Alabama, starring Reese Witherspoon. The former Tiffany and Company Building on 37th Street is on the U.S. National Register of Historic Places. When it opened in 1990, the Tiffany & Co. store at Fairfax Square in Tysons Corner, Virginia, became the largest outside of New York City, with of retail space. In France, Tiffany stores are located in Rue de la Paix and the Avenue des Champs Elysées (the largest European store) in Paris. In Australia, Tiffany's flagship store is located on Collins Street in Melbourne, first established in