Adidas suspends 1 billion euros share buyback program

Considering the high degree of economic uncertainty brought on by the dynamic developments related to the coronavirus outbreak, Adidas Ag stated in a press release that its government board has determined to formally cease the repurchasing of Adidas shares for the remainder of the yr.

The company had earlier announced short-term suspension of the 2020 tranche of its current multi-year share buyback program, instantly after retail closures throughout Europe and North America started to return into effect. Consequently, Adidas added that the company won't deploy the quantity of as much as 1 billion euros that was initially planned for the repurchase of personal shares in 2020.

Additionally, in Germany, the company has reached an settlement with the native works councils to scale back working hours for its staff within the retail sector and at the websites in Scheinfeld and Uffenheim. Adidas added that this settlement supplies for paid depart, a discount in extra time and in addition short-time working. Around 1,200 Adidas staff are at present affected by short-time working.

Picture:Adidas media centre

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