New York (Neo Web Desk)Sports apparel giant Adidas is considering dumping its once-lucrative golf business, according to Bloomberg. The company is in talks with the financial firm Guggenheim Partners about selling off its TaylorMade assets, which lost money in the most recent quarter due to sales dropping 26% year-over-year. Adidas may also consider only selling off its Adams Clubs and Ashworth clothing brands.Adidas is predicting a full-year decline in sales from its golf division as the sport continues to decline in popularity in the U.S. CEO Herbert Hainer is in the process of paring down the company’s operations to focus specifically on athletic shoes.The company disclosed the plans along with its quarterly financial results Thursday. Adidas reported that overall sales in the quarter rose 15% to 3.9 billion euros, beating analysts’ estimates.
Adidas Is Thinking of Selling Its Golf Business
August 6, 2015 no comments