Adidas auction of Reebok takes a hit as key bidder Authentic Brands drops out
NY Post
A key bidder has dropped out of the auction for Reebok, making it more likely that German-based Adidas will take an even bigger hit on its disastrous, 15-year stint as the owner of the struggling sneaker brand, The Post has learned.
As reported by The Post, Authentic Brands Group — a fast-growing licensing firm whose properties include Forever 21, Brooks Brothers and Nine West — offered about $1 billion for Reebok in the auction’s first round, teaming up with Wolverine Worldwide, the footwear maker behind Merrell shoes, Hush Puppies and Stride Rite. But talks with New York-based ABG recently hit the rocks over Adidas’ demands that ABG operate Reebok as a standalone business, sources said. In addition to paying out fees to Adidas for at least several years through a transition services agreement, Adidas was asking ABG to avoid layoffs of Reebok employees, even as it continued to feed Adidas’ sneaker distribution networks, insiders said.
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