Adidas CEO says lion's share of job cuts at HQ complete

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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