Adidas AG announced that, due to the coronavirus, it would formally stop the repurchasing of Adidas shares for the remainder of the year.

Consequently, the company will not deploy the amount of up to €1 billion (US$1.1 billion) that was initially planned for the repurchase of own shares in 2020.

Adidas’ executive board has “decided to proactively adopt a conservative approach to liquidity management in order to preserve the company’s financial flexibility in the current environment,” the company said.

The company on March 17 temporarily suspended the 2020 tranche of its current multi-year share buyback program after retail closures across Europe and North America started to occur.

Photo courtesy Adidas/Pixabay