Amidst lukewarm offers for its hockey business, Adidas AG has chosen to remove this subsidiary from the market. According to the German sports apparel company, the offers made were not enticing or interesting enough for the company to part with the business.
This decision was announced by Chief Executive Officer Herbert Hainer after the company was approached by a number of parties interested in purchasing the ice hockey business of the company. The decision to sell came when the business market suffered an 18% drop in sales in the fourth quarter of the 2012 because of the lockout of the National Hockey League ad owners and players discussed and debated over a new labor deal.
The CEO also reiterated its commitment to the financially beleaguered division Reebok after suffering a Eur265 million value write down of the company in the fourth quarter of 2012. He said, "We are sticking with Reebok."
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