Coronavirus forces Adidas to close 'considerable' number of China stores
Sportswear company says it is 'too early to assess the extent of this impact at the moment'
BERLIN - German sportswear company Adidas on Wednesday said it was temporarily shutting a "considerable'' number of its stores in China due to the coronavirus outbreak which has killed nearly 500 people and infected thousands.
The company said the fast-spreading virus was having a negative impact on its business but added that it could not yet assess to what extent.
Adidas has around 12,000 outlets in China, including franchise stores.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ADDYY | ADIDAS AG | 121.15 | +3.31 | +2.81% |
THOUSANDS QUARANTINED ON CRUISE SHIPS AS DEADLY VIRUS RIPS THROUGH CABINS
Adidas saw sales growth slow to 11 percent in China in the July-September period from 14 percent in the second quarter.
Several retailers have warned that coronavirus is taking its toll, including Nike Inc and Hugo Boss, which have both closed some stores in China.
Adidas's German rival Puma on Wednesday declined to comment on whether coronavirus has hit its business in China.
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(Reporting by Riham Alkousaa; Editing by Michelle Martin)