Adidas Management Board Defers Half of Compensation Payment Amid Coronavirus
27 März 2020 - 4:27PM
Dow Jones News
By Olivia Bugault
Adidas AG said Friday that its management board decided to defer
half of its regular monthly compensation as of today and until
further notice as the coronavirus pandemic has hit the company's
business.
The next layer of leadership will also defer 30% of its monthly
regular compensation, it said.
Last week, the German sporting-goods maker said it would
temporarily close its Adidas-owned and Reebok-owned stores in the
U.S., Canada and Europe to help limit the spread of the
coronavirus. Retail stores in Latin America, emerging markets and
parts of Asia-Pacific have also temporarily closed.
"Under normal circumstances, the affected markets generate
approximately 60% of Adidas's global revenue," the company said. On
the other hand, Adidas said that activity in China is progressively
returning to normal with almost all stores open, although roughly
half of them have reduced hours.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
March 27, 2020 11:12 ET (15:12 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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