After Acquisition, 150 employees will be laid off By Reebok
After a long time as more than 15 years of existence under sportswear giant Addidas, the Boston-based brand, Reebok is acquired by ABG group for $2.5 Billion. After failing to make the brand profitable, Addidas decided to sell Reebok to ABG Group. Meanwhile, the management decided to layoffs 150 employees, and Matt O'Toole, President, of Reebok informed the strong workforce of 4200 existing employees through an email that layoffs were necessary to be up to date and in keeping with the new and different operating model and structure.
Employees into senior management will continue working in the same positions and the place of headquarter will be unchanged. By 28th Feb, the acquisition by New York-based ABG will be completed and layoffs will also take effect.
ABG group signed multiple agreements with different countries for the sales management process of Reebok and is trying to expand the strong presence of the Reebok brand in North America and Europe.