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SBD Global/June 10, 2013/FinancePrint All
Adidas, "which a few months ago decided not to add more Reebok stores following reports of financial irregularities at its India unit," is back on an expansion spree in the country, according to Himani Chandna Gurtoo of the HINDUSTAN TIMES. Adidas now plans to work on Reebok's brand image by "tweaking the look and experience at outlets." The company plans to launch a new retail format, "entailing greater interaction with customers." Adidas India Managing Dir Erick Haskell said, "We are coming up with an all together new store format, Fit Hub, for Reebok. Reebok plans to open 50 new stores. It also plans to open 100 new retail format stores in the span of one year." For adidas, "the company plans to add 50 outlets by this fiscal year." After pruning a number of Reebok stores in India, "two-thirds of their 800-odd franchisees have agreed to switch to a new arrangement with the parent company" (HINDUSTAN TIMES, 6/7).
Spanish Social Security's General Collection File's data shows that debts for football clubs from the country's top three divisions have increased from €10.6M in '12 to €16.6M ($21.5M) as of May, according to Carlos F. Marcote of EL PERIODICO. Debts have risen 60% in 15 months reviewed in the government's response to a question written by Socialist spokesperson Manuel Pezzi. No "estimate for football entities' current debt with Spain's IRS has been made," but three months ago the debt was estimated by Administration sources to be €690M ($894.5M), 8.2% less than it was in '12, when it rose to €752M (EL PERIODICO, 6/7).