Reebok closes European and Asia offices

Reebok confirmed it is to close offices in Europe

and Hong Kong. The ailing sportswear giant saw a near 16 percent decline in sales for the first nine months of the year to just 1.2 billion euro.

The company was also a hit by a loss of a sponsor partnership with the American football league and a case of fraud in India.

The group has adjusted its expected turnover projections for 2015 from 3.9 billion to 2.6 million dollars. Plans for a company restructure, therefore, comes as no surprise as European offices in Amsterdam have been closed as well as the Asia-Pacific office in Hong Kong.

“Earlier this year we announced the reorganization of the Reebok Brand team into six core Business Units (Training, Running, Walking, Studio, Classics, and Kids), designed to deliver against our ambition to become the leading fitness brand,” said Matt O’Toole, head of Marketing at Reebok. “Today, we continued this reorganization with the implementation of a new global-direct operating model between the global organization in Canton and our markets, and a streamlining our satellite creation activities. These changes, which will go into effect January, 2013, will increase our effectiveness, our speed to market and our efficiency,” Toole concluded.