World News

Adidas stops 1 billion euros share buyback

FRANKFURT (Reuters) – Germany’s Adidas <ADSGn.DE> on Tuesday said it will suspend a 1 billion euros share buyback it had planned for this year as a way to conserve cash after closing its retail outlets in Europe and North America.

“Considering the high level of economic uncertainty caused by the dynamic developments related to the coronavirus outbreak, the Adidas Executive Board decided to proactively adopt a conservative approach to liquidity management,” the company said in a statement on Tuesday.

(Reporting by Edward Taylor; Editing by Jon Boyle)