Adidas has around 100 stores left to get rid of in Russia, CEO says

Street musicians play in front of a closed Adidas store in central Moscow, Russia March 15, 2022. REUTERS/Maxim Shemetov/File photo

LONDON  -Adidas is still in the process of getting rid of around 100 stores as the German sportswear firm works towards a full wind-down of its business in Russia, CEO Bjorn Gulden said on Thursday.

“We have about 100 stores that are not operational, and of course they have been offered on the market,” Gulden told reporters on a call.

“There is no timeline for that but right now we are paying the lease, so the earlier it happens the better,” he said.

Adidas does not own any of the remaining stores in Russia, and is working on sub-leasing them or finding new tenants, a spokesperson said.

Adidas decided in October to permanently halt business in Russia, having closed all its stores and suspended online sales there in March last year after Russia invaded Ukraine.

The company booked impairment losses of 94 million euros as a result, its annual report published in March 2023 showed.