Adidas to cut up to 500 jobs after posting better than expected holiday profits

Adidas plans to cut as many as 500 jobs in a bid to simplify its business, a person familiar with the matter confirmed to CNBC on Thursday. The layoffs will impact employees at Adidas's headquarters in Herzogenaurach, Germany and represent nearly 9% of the 5,800 staffers it employs at the location. The company has not determined how many jobs it will cut, but up to 500 positions could be affected, a source told CNBC. Adidas will decide the final number when it is further along in its process. Employees lear ...