Adidas says its shutting down in Lebanon due to economic crisis

A closed Adidas store is pictured during the spread of the coronavirus disease (COVID-19) in Hamburg, Germany March 28, 2020. (Reuters)
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Updated 07 July 2020

Adidas says its shutting down in Lebanon due to economic crisis

CAIRO: Adidas will close down its branches in Lebanon by the end of the year as the country’s economic crisis slips out of control.
The sportswear giant has joined many popular brands who began withdrawing from the Lebanese market due to the turbulent economic situation caused by a currency collapse.
Adidas said it would no longer operate its own stores in Lebanon and that it would also close its head office.
“This is due to the ongoing economic challenges in the country,” the statement said. “We would like to thank our employees for their many contributions and our partners for our productive collaboration.”

The crisis has prompted others such as Mike Sport, a sports equipment retailer in Lebanon, to shut down given the ongoing financial crisis.
French restaurant Couqley has also said it was closing its branches “until the exchange rate has stabilized.”

Lebanon is going through an unprecedented economic and financial crisis that has seen the local currency lose more than 80 percent of its value against the US dollar in recent months amid soaring prices and popular unrest.


Turkey’s Erdogan says only solution in Mediterranean is dialogue

Updated 51 min 1 sec ago

Turkey’s Erdogan says only solution in Mediterranean is dialogue

ANKARA: President Tayyip Erdogan said on Thursday that the only solution to Turkey’s dispute with Greece over energy exploration in the eastern Mediterranean was through dialogue and negotiation, and Ankara was not chasing any “adventures” in the region.
Turkey and Greece, NATO allies, are vehemently at odds over overlapping claims for hydrocarbon resources in the region, and tensions have risen since Ankara launched exploration operations in a disputed area of the Mediterranean on Monday, in a move Greece called illegal.
Speaking to members of his ruling AK Party, Erdogan said the escalation of tensions in the region was caused by Greece, and urged Athens to respect Turkey’s rights. “The path to a solution in the eastern Mediterranean is via dialogue and negotiation. We are not chasing any unnecessary adventures or seeking tensions,” he said.