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.
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