Adidas to close 200 Russian stores as economic crisis bites

Adidas RussiaGerman sportswear manufacturer Adidas yesterday announced that it would be closing 200 of its 1,000 Russian stores on account of the rouble’s dramatic devaluation and the effect that the country’s economic crisis was having on consumer spending. “Being the clear market leader, we have been particularly impacted by the economic downturn, deteriorating consumer sentiment,” the company’s CEO Herbert Hainer said.