Retail, Retailers, Landlords, Rent, Deferrals, Rent Payments, Adidas, Adidas Stores, Coronavirus, Covid-19

Retail, Retailers

Adidas apologizes for deferring rent payments on stores shut by coronavirus lockdowns

Adidas apologizes for deferring rent payments on stores shut by coronavirus lockdowns @GlobeBusiness

2020-04-01 4:13:00 PM

Adidas apologizes for deferring rent payments on stores shut by coronavirus lockdowns GlobeBusiness

Many retailers around the world have been seeking to defer rent payments as they look to ride out the coronavirus shutdown, passing on the financial pressure to their landlords

Story continues below advertisement“Almost all over the world there is no normal business any more. The shops are closed. Even a healthy company like Adidas cannot stand this for long,” the company said in a letter due to appear in various media outlets on Thursday.

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Adidas said it would need credit even after staff cut their working hours, executives waived part of their pay and the company stopped share buybacks, but said it understood that many people saw the decision on rents as lacking solidarity.“We would therefore like to apologize to you formally. We have paid our landlords the rent for April,” it said.

Adidas said on Tuesday it will suspend a 1 billion euro ($1.09 billion) share buyback it had planned for this year as a way to conserve cash after closing its retail outlets in Europe and North America.

Read more: The Globe and Mail

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