COVID-19 outbreak causes adidas to shut shops in Germany, USA and Canada
When more and more brands announce every day shop closures, German sportswear giant adidas has reversed its initial decision to remain open in the midst of a global public health crisis. Throughout Europe from 18 to 29 March and in the USA and Canada from 17 to 29 March the company announced it is closing down adidas and Reebok stores.
Many competitors such as Lululemon Athletica, Nike and Under Armor have already confirmed their intention to close down U.S. stores and corporate offices and other markets, allowing workers to operate remotely.
The company had previously agreed to keep stores open for business to ensure we can pay all our monthly bills and salaries. Also the head offices will be open and will allow the management team to operate.
Adidas has also announced that its revenue in China is projected to decline by 1,1 billion U.S. dollars and 100 million Euro in Japan and South Korea, contributing to an overall decrease of 10percent.