German sports giant, Adidas has announced it will suspend a €1 billion share buyback it had planned for this year in order to conserve cash after shuttering its retail outlets in Europe and North America.
Adidas said in a statement: “Considering the high level of economic uncertainty caused by the dynamic developments related to the coronavirus outbreak, the Adidas Executive Board decided to proactively adopt a conservative approach to liquidity management.”
Last month, Adidas warned of a major fall in sales due to the Coronavirus outbreak in China.
Shares in Adidas had already been and were down 6.3% and 3.8% last month. Adidas stock was at a one-year low.