Nike, adidas Close Chinese Stores Over Coronavirus Fears
The sportswear giants follow in the footsteps of Starbucks, McDonalds and Apple.
Nike and adidas join the list of retailers reacting to the coronavirus pandemic. As Bloomberg reports, both sportswear giants are temporarily shuttering a massive number of Chinese stores and cutting hours at the rest.
Nike and adidas’ preventative measures were announced February 4 after trading closed for the day, both noting that it’s too early to completely assess the negative impact of coronavirus. The two are accompanied by a host of other major American companies with a Chinese presence, as ABC noted; Apple, McDonalds and Starbucks are also temporarily shuttering stores due to growing coronavirus-related fears.
“First and foremost, our thoughts are with the people affected and we remain focused on the health and safety of our teammates and partners,” said Nike CEO John Donahoe in a statement. “Despite this difficult situation, Nike’s long-term opportunity to continue to serve consumers in Greater China with inspiration and innovation remains exceedingly strong.” Nike manufactures approximately a quarter of its footwear and apparel in China, maintaining a large regional headquarters in Shanghai and a distribution facility in Taicang.
Most recently, a host of luxury companies that include LVMH, Kering and Swarovski donated millions of dollars to Chinese relief efforts.
