Adidas CEO says lion's share of job cuts at HQ complete
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FILE PHOTO: Trail running shoes are seen at the booth of the company Adidas, during the ISPO trade fair for sports equipment and fashion in Munich, Germany, January 26, 2020. REUTERS/Michael Dalder/File photo
MUNICH (Reuters) -Adidas has completed the majority of planned cuts to its workforce at the German sportswear retailer's headquarters outside Munich, CEO Bjoern Gulden told shareholders on Thursday.
"We are two thirds of the way through," Gulden said at the company's annual general meeting.
He said the cuts were intended to increase efficiency, adding, "We sometimes had business models with functions that were doubled or tripled up."
(Reporting by Joern Poltz, Writing by Rachel More, Editing by Madeline Chambers)
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