HERZOGENAURACH – German sportswear giant Adidas could be facing its first annual loss in 30 years after a disastrous tie-up with the rapper formerly known as Kanye West left it lumbered with unsold stock with a book value of US$500m (£442m). Adidas reported its annual financial results this week saying it will cut dividends to shareholders as they consider how to deal with the unsold ‘Yeezy’ stock.
The company’s decision to drop West followed the rapper’s pattern of increasingly erratic behaviour and anti-Semitic outbursts.
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