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.