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Adidas Received a €3 Billion Loan to Rescue its Business



One of the conditions for approving the loan is the suspension of dividend payments for the entire term of the loan.
Adidas store

The German Adidas Group, the second-largest manufacturer and marketer of sportswear and footwear on the world market, has announced a €3 billion syndicated loan to mitigate the financial impact on the business in this situation. The loan was approved by the German government and the German state development bank KfW, the company's press office said. 

The business of the sports giant was under pressure amidst the closure of stores around the world, restrictions on the movement of people in the most affected countries, as well as the cancellation of the Olympic Games, European Football Championship, and other events. The loan includes a EUR 2.4 billion commitment to KfW and a EUR 600 million loan to a consortium that includes UniCredit, Bank of America, Citibank, Deutsche Bank, HSBC, Mizuho Bank and Standard Chartered Bank, Reuters reports. 

One of the conditions for approving the loan is the suspension of dividends for the entire term of the loan. Adidas plans to report for the first quarter and make projections for revenue and profit this year, April 27, 2020. 


More about shopping malls in Germany

YESTERDAY, USA:
Adidas and AllBird have announced a partnership aimed at creating new environmentally friendly technologies.
DAY BEFORE YESTERDAY, France:
French chain of department stores Galeries Lafayette has announced a new service for customers during the closing of stores.
DAY BEFORE YESTERDAY, USA:
The chain of coffee shops adapts to the realities of the post-quarantine world and focuses on drive-thrus, self-service, and delivery.
May 26, 2020, Italy:
Due to the sharp decline in interest in fashion in the midst of the pandemic, the company is abandoning the traditional calendar of shows and moving to an off-season schedule.
May 26, 2020, Germany:
The masks to protect against coronavirus are called Face Covers and are made from recycled materials.
May 25, 2020, United Kingdom:
Due to the coronavirus pandemic, more and more customers are adopting the habits of the younger generation and do not want to constantly change their wardrobe.
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