LONDON (Reuters) – Adidas is still in the process of getting rid of around 100 stores as the German sportswear firm works towards a full wind-down of its business in Russia, CEO Bjorn Gulden said on Thursday.
“We have about 100 stores that are not operational, and of course they have been offered on the market,” Gulden told reporters on a call.
“They can be sold to individuals or they can be sub-leased,” Gulden said. “There is no timeline for that but right now we are paying the lease, so the earlier it happens the better.”
Adidas decided in October to permanently halt business in Russia, having closed all its stores and suspended online sales there in March last year after Russia invaded Ukraine.
The company booked impairment losses of 94 million euros as a result, its annual report published in March 2023 showed.
(Reporting by Helen Reid; editing by Jason Neely)
