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Adidas applies for over €1B state aid in Germany – Bloomberg

Sportswear retailer Adidas AG has reached out to German state-owned bank KfW for more than €1 billion in aid as the company attempts to soften the impact of the coronavirus outbreak on its business, Bloomberg News reported April 2, citing people familiar with the matter.

Adidas has been discussing about €1 billion to €2 billion in loans though the final amount and period has not been finalized, according to the report.

The report comes after Germany announced a more than €750 billion relief package, including €100 billion in aid from KfW.

Hospitality company TUI AG has also sought a loan from KfW, securing €1.8 billion from the bank.

Adidas is among the many retailers to temporarily close its stores amid the coronavirus pandemic, recently prompting the German company to abandon its ongoing share repurchase program.

READ MORE: Sign up for our weekly coronavirus newsletter here, and read our latest coverage on the crisis here.