Due to the country’s poor economic situation, adidas has decided to close 200 shops across Russia.
The move comes as Russia’s economy continues to collapse under Western sanctions. Adidas previously operated around 1,000 stories across the country.
"Being the clear market leader, we have been particularly impacted by the economic downturn, deteriorating consumer sentiment," the company's CEO Herbert Hainer said in a statement.
Adidas is one of the most popular brands in Russia — the company even outfits the national soccer team.
In its most recent annual report, adidas announced a net income of about 650 million euros, a third below target.
via CNN Money
