Adidas gets 3 billion euro government backed loan, suspends dividend

German sports retailer Adidas on Tuesday said it received approval for a syndicated 3 billion-euro government-backed loan to mitigate the financial impact on its business from the spread of the coronavirus.

Retail business has been hit by measures designed to limit social movement and by the postponement or cancellation of large sports events, including the Olympic games."Today, the company received the approval of the German government for the participation of KfW, Germany's state-owned development bank, in a syndicated revolving loan facility amounting to 3.0 billion euros," Adidas said.

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