Berliner Boersenzeitung - Adidas latest to close Russia stores following invasion

Adidas said in a statement late Monday that it would "suspend the operations of our stores and our e-commerce site in Russia until further notice" but continue to pay its employees.

The outfitter previously suspended its partnership, going back to 2008, with the Russian Football Union following the invasion.

Adidas has around 500 locations in Russia and other former Soviet republics out of a total of 2,168 worldwide, employing around 7,000 people in the region, a spokesman for the company told AFP on Tuesday.

At the end of 2020, sales in the market made up 2.9 percent of Adidas's total revenues.

The sporting goods company, based in Herzogenaurach in Bavaria, has a long history in Russia, where it has supplied teams since the 1960s, founding a local subsidiary in 1992 after the end of the Soviet Union.

The company joins rivals such as Nike and Bavarian neighbour Puma in closing its stores in Russia, as well as an increasing number of companies in other sectors, including German carmakers Volkswagen, BMW and Mercedes-Benz.

Adidas will publish its year end results on Wednesday.

(F.Schuster--BBZ)