Ecclestone, HMRC At Odds Over Tax Bill UEFA President Platini: FFP 'Here To Stay' Crystal Palace Takeover Talks Break Down On-Track Success Key For Ferrari IPO EPL Dominates List Of Best-Paid Teams Hamilton, Mercedes Sign $155M Deal WPP Acquires Majority Stake In Two Circles Barça Registers €759M Impact In '13-14 Hefty Prize Money Possible For Barcelona Hamburg To Make $11.1M Loss In '14-15
Enter amount in full numerical value, without currency symbol or commas (ex: 3000000).
Upcoming Conferences and Events
SBD Global/March 8, 2013/Finance
Adidas Makes $344M Reebok Write-Off, Stays Committed To Its India Unit Despite 'Fraud'
Published March 8, 2013
STAYING IN INDIA: REUTERS' Keith Weir reported adidas CEO Herbert Hainer said that the sportswear company "plans to keep its Reebok brand in India despite finding financial irregularities at the unit." Adidas said that it believed it "had uncovered all the wrongdoing at the Indian business and laid the basis for a profitable operation there in the future." Hainer said, "Here let me reiterate our full commitment to the Reebok brand in India." Hainer also said that he expected the company to build on momentum in China where sales grew 15% in '12 (REUTERS, 3/7). PTI reported adidas said that "commercial irregularities" in India "negatively impacted" its balance sheet for '11 by euro €153M ($199M). In April, the company stated that "the estimated maximum negative impact" due to the alleged fraud by its two top executives at Reebok India, could be up to a pre-tax amount of €125M ($162M). Adidas said that it has "corrected its consolidated financial statements" (PTI, 3/7).