Homepage
E-mail this article
Print12:01 pm, May 5, 2009
Adidas to cut management jobs after loss in first quarter
Sportswear manufacturer Adidas said today it planned to remove a tier of regional management after profits fell 97 per cent to 5 million euros in the first three months of 2009.
The company, which also owns the Reebok brand, said sales fell 6 per cent and it was also hit by higher raw material and staff costs.
The 2010 World Cup would help restore margins and earnings per share after a decline this year, said Adidas, which has its UK offices in Stockport. Earlier this year it announced plans to close its Reebok operation in Bolton, the town where the company was founded.
Chief executive Herbert Hainer said: "Our results have been materially affected by higher input prices, currency devaluation effects and restructuring costs."
He said that by removing a layer of regional management, Adidas would strengthen the ties between the global organisation and local markets. Hainer did not say how many jobs would go.
Comments?manchesternews@crain.com
Other News
This Week's Issue
