Adidas will stop operating its Lebanon branches and will close its main office in the country as of the end of 2020, local media reported.
The world-class clothing, shoes, and accessories designer and manufacturer issued a statement on Friday, announcing its decision to withdraw from Lebanon.
“Adidas will no longer operate its own stores in Lebanon and will close its back office as of the end of 2020,” the statement started.
“This is due to the ongoing economic challenges in the country. We would like to thank our employees for their many contributions and our partners for our productive collaboration.”
By deciding to close its doors in Lebanon, Adidas will be following the footsteps of several popular chain stores that recently announced their closure.
Mike Sport and several brand stores have shut down in a united protest after incurring unbearable losses from the ongoing financial crisis.
The same crisis is what prompted the country’s tourist establishments to wave a red flag and warn of a total shutdown if the economic situation is not redeemed by the government.
This comes as the public health situation, the political instability, the high ticket prices, and the overall economic downfall threaten to kill this year’s tourism season, which is a pivotal annual source of revenue for Lebanon.
As if that was not repelling enough for potential tourists, the first day of reopening for the Beirut-Rafik Hariri International Airport saw a heated conflict between airport security personnel and journalists who were covering the awaited day.