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Adidas AG (OTCQX:ADDYY) announced plans to offload its remaining stockpile of Yeezy products after cutting ties with the controversial artist Kanye West late last year.
The company said that there will be an initial release of products at the end of the month with “a significant amount” of the proceeds to be donated to causes and “organizations working to combat discrimination and hate, including racism and antisemitism.” The products had initially been removed from shelves in the fall of 2022.
“After careful consideration, we have decided to begin releasing some of the remaining adidas YEEZY products. Selling and donating was the preferred option among all organizations and stakeholders we spoke to,” adidas CEO Bjørn Gulden explained. “We believe this is the best solution as it respects the created designs and produced shoes, it works for our people, resolves an inventory problem, and will have a positive impact in our communities. There is no place in sport or society for hate of any kind and we remain committed to fighting against it.”
The Anti-Defamation League and the Philonise & Keeta Floyd Institute for Social Change were highlighted as partners in the offloading of the remaining inventory on hand.
Shares of the German apparel and footwear giant fell 3.45% in afternoon trading.
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